Bare trusts: What are they and who has to report?
Tax AlertBare trust returns remain required for the 2026 tax year and onward. Review arrangements early to identify if you have a bare trust and avoid potential CRA penalties.
04 Apr 2022 1 min read

Several accounting standards and tax regulations are now on the cusp of change, some of which have remained unchanged for almost 30 years. For bankers, this may result in confusion, questions and concerns from clients—along with the need to revisit some of your processes and agreements. Advance preparation will be key to ensure your clients are well-informed and to effectively support their future growth and plans.
Bare trust returns remain required for the 2026 tax year and onward. Review arrangements early to identify if you have a bare trust and avoid potential CRA penalties.
Effective Oct. 1, 2026, businesses providing or purchasing certain professional services in BC must manage 7% PST and new compliance rules.
Canada proposes implementing immediate expensing of investments in most types of capital assets for businesses in Canada.
Prime Minister Mark Carney announces support for Canada’s lumber industry citing heavy reliance on US exports and vulnerability to trade policies.
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