Canada: Draft beneficial ownership reporting requirements for trusts

Effective for tax years ending after 30 December 2022

Effective for tax years ending after 30 December 2022

The Department of Finance released draft legislation requiring the disclosure of certain information on each trustee, beneficiary, settlor and protector of trusts, subject to limited exceptions—effective for tax years ending after 30 December 2022.

The revised draft legislation is largely similar to previous draft legislation that Finance released earlier this year. Read TaxNewsFlash

However, the revised draft legislation clarifies reporting requirements in cases of certain trusts that have some (but not all) of their units publicly listed and excludes certain additional trusts from the rules, among other changes.

The revised legislation does not include any changes related to bare trusts, which would still be subject to the new rules.

Read an August 2022 report [PDF 189 KB] prepared by the KPMG member firm in Canada


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