Canada: Proposed beneficial ownership reporting requirements for trusts postponed
The postponement gives trusts additional time to consider structural changes and weigh benefits
Postponement gives trusts additional time to consider structural changes, weigh benefits
The Department of Finance recently delayed implementation of proposed rules requiring the disclosure of certain information on each trustee, beneficiary, settlor and protector of trusts, subject to limited exceptions—to tax years ending after 30 December 2023 (from tax years ending after 30 December 2022). Read TaxNewsFlash
The postponement gives trusts additional time to consider structural changes and weigh the benefits of the trust against the additional costs of compliance with the new rules.
Read a November 2022 report [PDF 198 KB] prepared by the KPMG member firm in Canada
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