Tax Documents
A one-minute check: could you have a bare trust the CRA now wants reported?
New CRA rules require many "bare trusts" to file a T3 return starting with the 2026 tax year — first filings are due March 31, 2027. A bare trust usually exists where the name on an account, a property, or another asset is not the true (beneficial) owner's. These arrangements are very common and often informal — and missing a required filing can cost up to $2,500 per year, charged to the person whose name is on title.
Answer the questions below for yourself, your spouse, your family, and any corporations or other entities you control. Both directions count: your name on something that isn't really yours, and something of yours held in someone else's name. When in doubt, answer "Not sure."
On its own, a power of attorney or simple signing authority does not create a bare trust. This check is a general guide, not advice for your specific situation.