Written By: Felesky Flynn | Tax Notes | November 02, 2020

Many trusts will be subject to proposed new reporting rules (“Reporting Rules”) for their taxation years ending on or after December 31, 2021. These trusts will now be required to disclose personal information to the Canada Revenue Agency (“CRA”) concerning their settlors, trustees, beneficiaries, and other persons that can exert control over the trust (such as protectors).