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The Canada Revenue Agency announced Thursday it will not require 'bare trust' reporting from Canadians that it introduced for the 2024 tax season, just four days before the April 2 deadline.
New requirements to disclose information about trusts and real estate investments to CRA are complex, forcing many taxpayers to seek professional help
Whether the U.S. person has a filing obligation or not depends on whether that person also falls within a reporting category.
Filing is required only if directly requested by the Canada Revenue Agency
The move comes after recent legal amendments meant to increase transparency around trusts caused an uproar among both many affected taxpayers and tax professionals