The Canada Revenue Agency has updated trust reporting requirements for the 2025 taxation year to help affected taxpayers understand any changes and their filing obligations. On November 18, 2025, the Government of Canada tabled Bill C-15, which proposes amendments to the Income Tax Act (ITA) related to trust reporting, following the budget presented on November 4, 2025. According to the Department of Finance’s Explanatory Notes Relating to the Income Tax Act and Other Legislation, the proposed changes may affect how certain trusts report their taxes.
Here’s What You Need to Know
Bare Trusts
The CRA does not expect bare trusts to file a T3 Trust Income Tax and Information Return (including Schedule 15 – Beneficial Ownership Information) for the 2025 tax year.
However, some bare trusts may need to file starting with tax years ending on or after December 31, 2026. This advance notice is provided to help tax professionals and trustees prepare for future filing requirements.
Listed Trusts
Additional trusts are now considered listed trusts. These are trusts that, under certain conditions, are exempt from:
- Filing a T3 return every year, or
- Completing Schedule 15 when filing a T3 return, unless the listed trust meets the conditions that exempt it from filing
How the Changes Apply to Trust Reporting
Taxpayers can still file under the current rules, but the CRA will apply the proposed changes to trust reporting in Bill C-15. The 2025 T4013 Trust Guide, along with the T3 return and schedules, have been updated to reflect these changes. If the proposed changes are not enacted, the CRA will provide further guidance.
For more information, see the CRA’s Filing a trust’s T3 return and Enhanced reporting rules for trusts and bare trusts: Frequently Asked Questions.
S+C Partners is committed to helping you.
Our dedicated team of tax professionals is here to assist you. Please contact us at 905-821-9215 or tax@scpllp.com if you have any questions regarding any of the tax updates.
We specialize in tax, accounting, advisory and Information Technology. Explore our complete service offering.
Read our most recent Insights.
S+C Partners is a full-service firm of Chartered Professional Accountants, tax specialists, and business advisors with in-house expertise that extends well beyond traditional CPA services. In addition to audit, accounting, and Canadian tax services, we also offer business advisory services, comprehensive IT solutions, Human Resource consulting, and in-house expertise within highly focused areas such as US taxation, business valuations, and estate planning. We provide all the technical expertise of a large CPA firm, but with the personal touch and partner-level attention of a boutique accounting and advisory firm.