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Relief for Trust Reporting: Bare Trusts Exempt for the 2025 Tax Year

Relief for Trust Reporting: Bare Trusts Exempt for the 2025 Tax Year

Confusion has surrounded "Bare Trust" reporting for years, but there is welcome relief for the 2026 filing season. The CRA has confirmed that bare trusts—such as adding an adult child to a bank account for assistance or a parent co-signing a mortgage title—are exempt from filing T3 returns for the 2025 tax year. This change saves many Canadians from unnecessary paperwork and fees. Read our full update to understand exactly what a bare trust is, why this exemption matters, and how to stay prepared for future…

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