New Trust Reporting Requirements: It's Almost Time

The new reporting requirements

The proposed changes primarily affect express trusts, that is trusts created by specific intent, usually in writing. As it stands right now, these trusts are generally only required to file if certain circumstances arise during the taxation year, for example if the trust earns income, disposes of capital property, or makes distributions to beneficiaries. In other words, if nothing changes for the trust then nothing is reported.
Starting in 2021, except for a few specifically exempted types of trusts (such as mutual fund trusts or trusts that qualify as registered charities), express trusts resident in Canada must:

1. file income tax returns annually in...