MFOA Letter on Enhanced Trust Reporting Rules for Express and Bare Trusts


Under Bill C-32, trusts that were previously exempt are now required to file annual T3 income tax returns. The wider scope now includes express trusts and bare trusts held by registered charities and non-profit organizations where municipalities fall into scope. However, MFOA believes that municipalities were not the intended target of these enhanced reporting requirements and have submitted a letter recommending that municipalities be excluded from the requirement of filing T3s for express and bare trusts.

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