Money Dates | Canadian Money Brief What's Paid, Due or Changing This Week Week of Monday, November 16, 2026 Three dates matter this week: a big inflation report on Monday, then two benefit payments on Thursday and Friday. Here is the week, plus what is coming over the next five weeks. This Week: Nov 16 to 22 Date What What to know Mon, Nov 16 8:30 am ET October inflation report (CPI) Statistics Canada's CPI for October. September came in at 3.1%, up from 3.0% in August. The Bank of Canada watches this before its Dec 9 decision. Thu, Nov 19 Canada Disability Benefit Up to $204.20 a month. Paid on the third Thursday of each month. Fri, Nov 20 Canada Child Benefit (CCB) Up to $679.75 a month for each child under 6 and $573.58 for each child aged 6 to 17, for families under the income threshold. Not this week: CPP and OAS (Nov 26). The Groceries and Essentials Benefit, formerly the GST/HST credit, is not paid again until Jan 5, 2027. The Ontario Trillium Benefit was paid Nov 10....
The Canada Revenue Agency (CRA) has introduced new reporting requirements for trusts, and it’s essential for Canadians to understand how these changes may impact their tax filings.
Starting from December 31, 2023, all trusts, unless specific conditions are met, must file a T3 Trust income tax and information return (T3 return) along with a Schedule 15 (Beneficial Ownership Information of a Trust). This means that many trusts, including bare trusts, will need to file for the first time.
What Is a Bare Trust?
A bare trust is a simple form of trust where the trustee holds legal title to the trust property, but the beneficiary has the right to all income and capital. These trusts are often used for estate planning, holding property for minors, or managing assets on behalf of someone else.
Key Points:
- Annual Filing: Affected trusts must now complete an annual T3 return, including the Schedule 15, for tax years ending after December 30, 2023.
- Additional Information: Trusts must provide additional information about reportable entities, including trustees, settlors, beneficiaries, and controlling persons.
- Exemptions: Some trusts, such as registered plans and qualified disability trusts, are exempt from these new rules.
- Trust Account Number: Before filing, ensure you have a trust account number. Obtain it instantly through the CRA’s online services.
- Deadline: The deadline for filing the T3 return and Schedule 15 is 90 days after the trust’s tax year-end. For most trusts, this is December 31, 2023.
Penalties and Relief
The CRA has clarified that it won’t apply gross negligence penalties for non-filing of 2023 bare trust returns except in “egregious cases” of gross negligence. However, it’s crucial to stay informed and meet the filing requirements to avoid any potential penalties.
As tax season approaches, consult your tax advisor or visit the CRA website for detailed guidance on complying with the new rules for bare trusts.
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