No, you don’t, according to the Canada Revenue Agency. The CRA announced on March 28, 2024, ... How to get a CRA trust number. A trust also needs a trust number.

There are a few ways to get a trust account number – fill out and mail a T3APP Application for Trust Account Number or use the CRA’s My Account portal. The form available on My Account to ...

The Canada Revenue Agency (CRA) will not impose gross negligence penalties on taxpayers who fail to file a return for a bare trust on time except in “the most egregious cases” for 2023, the first year ...

In mid-March, the CRA had announced it would not impose gross negligence penalties on taxpayers who fail to file a return for a bare trust on time for 2023 except in “the most egregious cases.” In ...

On October 29, 2024, the Canada Revenue Agency (CRA) issued a release stating that it will not require bare trusts to file trust returns for the 2024 tax year, continuing the administrative ...

The Canada Revenue Agency headquarters in Ottawa. The tax agency announced a last minute pause to new 'bare trust' reporting requirements in March. (Sean Kilpatrick/The Canadian Press) ...

Late filing can result in a penalty of $25 per day, up to a maximum of $2,500. T3 returns are due within 90 days of year-end, so for the 2023 tax year, the return for a bare trust is due April 2.

A last-minute decision to exempt new bare trust filing requirements led to “wasted time and effort,” according to a new report from the office of Taxpayers' Ombudsperson François Boileau.