The latest changes affecting trusts and trust reporting.

Amendments related to trust reporting

Updated: April 1, 2026

On March 26, 2026, Bill C-15, An Act to implement certain provisions of the budget tabled in Parliament on November 4, 2025, received Royal Assent. Bill C-15 contains amendments to the Income Tax Act (ITA) that relate to trust reporting.

As part of these amendments, bare trusts are not required to file a T3 Trust Income Tax and Information Return (T3 return) including Beneficial Ownership Information of a Trust (Schedule 15) for taxation years ending in 2025. Certain bare trusts will be required to file for taxation years ending on or after December 31, 2026.

Also, for taxation years ending on or after December 31, 2025, certain trusts may not be required to file a T3 return if specific conditions are met. Where those conditions are not met and a T3 return is required to be filed, these trusts will not be required to file Schedule 15 with their T3 return for taxation years ending on or after December 31, 2025. These trusts include, but are not limited to:

• Trusts holding assets with a total fair market value (FMV) that does not exceed $50,000 throughout the year
• Trusts holding only the specific asset types as outlined in paragraph 150(1.2)(b.1) of the ITA for the applicable taxation year, with a total FMV that does not exceed $250,000 throughout the year, provided certain additional conditions are met
• Specific client trust accounts holding only the specific asset types as outlined in paragraph 150(1.2)(c) of the ITA for the applicable taxation year, with a total FMV that does not exceed $250,000 throughout the year
• Trusts established to comply with a statute of Canada or a province where the persons acting as trustee hold the property in trust for a specified purpose, such as those of bankruptcy trustees or provincial guardians

The CRA has updated the 2025 T4013 Trust Guide and T3 return and schedules to reflect these changes. 

This web page and the FAQ page will be updated as additional information becomes available.

Source: https://www.canada.ca/en/revenue-agency/services/tax/trust-administrators/t3-return/filing-trust-return/what-changed.html

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