07/17/2026
๐ก๐ฒ๐ ๐ฟ๐๐น๐ฒ๐ aimed at increasing transparency regarding the beneficial ownership of assets held through bare trust arrangements have been enacted. They will apply to taxation years ending on and after December 31, 2026. These changes may catch ๐บ๐ฎ๐ป๐ ๐ถ๐ป๐ฑ๐ถ๐๐ถ๐ฑ๐๐ฎ๐น๐ ๐ฎ๐ป๐ฑ ๐ฏ๐๐๐ถ๐ป๐ฒ๐๐๐ฒ๐ ๐๐ต๐ฎ๐ ๐ฎ๐ฟ๐ฒ ๐๐ป๐ฎ๐๐ฎ๐ฟ๐ฒ of their trust-like relationships, exposing them to potential ๐ฝ๐ฒ๐ป๐ฎ๐น๐๐ถ๐ฒ๐ and other consequences for non-compliance.
A trust arrangement generally exists where the registered owner of an asset holds ๐น๐ฒ๐ด๐ฎ๐น ๐๐ถ๐๐น๐ฒ ๐ผ๐ป ๐ฏ๐ฒ๐ต๐ฎ๐น๐ณ of another person or entity that is the ๐๐ฟ๐๐ฒ ๐ฏ๐ฒ๐ป๐ฒ๐ณ๐ถ๐ฐ๐ถ๐ฎ๐น ๐ผ๐๐ป๐ฒ๐ฟ. Where the ๐๐ฟ๐๐๐๐ฒ๐ฒ has ๐ป๐ผ ๐ถ๐ป๐ฑ๐ฒ๐ฝ๐ฒ๐ป๐ฑ๐ฒ๐ป๐ ๐ฝ๐ผ๐๐ฒ๐ฟ ๐ผ๐ฟ ๐ฑ๐ถ๐๐ฐ๐ฟ๐ฒ๐๐ถ๐ผ๐ป over the property, the arrangement will typically be considered a ๐ฏ๐ฎ๐ฟ๐ฒ ๐๐ฟ๐๐๐ ๐ฎ๐ฟ๐ฟ๐ฎ๐ป๐ด๐ฒ๐บ๐ฒ๐ป๐. Historically, bare trust arrangements were not subject to T3 filing requirements. However, starting in ๐ฎ๐ฌ๐ฎ๐ฒ, if a bare trust ๐ฒ๐
๐ถ๐๐๐ ๐ฎ๐ ๐ฎ๐ป๐ ๐๐ถ๐บ๐ฒ ๐ฑ๐๐ฟ๐ถ๐ป๐ด ๐๐ต๐ฒ ๐๐ฒ๐ฎ๐ฟ, the bare trustee may be required to file a T3 return and Schedule 15. While certain exceptions may apply, many arrangements that were previously outside of the trust reporting requirements will now be ๐ฟ๐ฒ๐พ๐๐ถ๐ฟ๐ฒ๐ฑ ๐๐ผ ๐ณ๐ถ๐น๐ฒ ๐ฏ๐ ๐ ๐ฎ๐ฟ๐ฐ๐ต ๐ฏ๐ญ, ๐ฎ๐ฌ๐ฎ๐ณ.
๐๐ณ ๐๐ผ๐ ๐ต๐ฎ๐๐ฒ ๐ฎ๐ป๐ ๐พ๐๐ฒ๐๐๐ถ๐ผ๐ป๐, ๐ฐ๐ผ๐ป๐๐ฎ๐ฐ๐ ๐๐ ๐ ๐๐ฐ๐ฐ๐ผ๐๐ป๐๐ถ๐ป๐ด ๐ฆ๐ฒ๐ฟ๐๐ถ๐ฐ๐ฒ๐!
