By PETER CLARK and JOSEPHINE CHUK
December 2, 2020
New Canadian trust reporting and disclosure rules will come into effect in 2021. In brief, the new rules will impose a filing obligation on certain trusts which currently do not have a filing requirement. They apply to non-resident trusts that currently have to file a T3 return and certain trusts that are resident in Canada. Such trusts will be required to report the identity of all trustees, beneficiaries and settlors of the trust, as well as anyone with the ability to exert control or override trustee decisions over the appointment of income or capital of the trust (e.g., a protector).