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I have previously written two articles on the federal government’s folly around new rules on bare trusts. In this third installment, I bring the readers up-to-date on our federal government’s latest position on the bare trust tax filings.

When the 2024 Federal Budget was released on April 16, 2024,there were several notable proposed tax changes which will have direct implications on most Canadians.

Historically, bare trusts have been ignored for income tax purposes and their existence was not generally reported to the Canada Revenue Agency. In 2022, the federal government signaled that bare trusts would also be looped into and subject to the new trust reporting rules starting with the 2023 calendar year and on.