Are you an executor or a trustee? If so, you should be aware that the reporting requirements for certain trusts may be changing. As part of the 2018 Federal budget the government proposed changes to reporting requirements for trusts. The draft legislative proposals were released in July 2018 for consultation, and these proposed reporting requirements will apply to certain trusts for taxation years that end after December 30, 2021. Since all trusts, except graduated rate estates, have December 31 taxation year ends, the trusts that are required to comply with these new requirements will need to do so for the 2021 tax year and onwards.

In accordance with these proposed measures, for 2021 and subsequent tax years, certain trusts will be required to file annual tax returns (where one’s currently not required) and to provide additional beneficial ownership information.

Please see the linked article for further details: Trust Reporting Requirements 2021