CRA provides some guidance on new beneficial ownership reporting requirements

The Canada Revenue Agency (CRA) has updated its website to include some guidance on the new legislation which will require certain trusts to provide additional information regarding beneficial ownership on an annual basis. These new rules are effective for taxation years ending after December 30, 2023. For more information on the new reporting requirements, please see our blog. We will be providing feedback to the CRA on practical issues it should be aware of as it plans for the administration of these rules.  We will keep you informed on any relevant developments.