CCI Manitoba Chapter News

Condominium trust account reporting requirements

Recall last year that condominium corporations (CCs) had a new requirement for the 2023 tax year to file a T3 return for their accounts, which are held in trust. At the last minute prior to the April filing deadline, the Canada Revenue Agency (CRA) changed their mind that filing for 2023 was not required (but would be for 2024). However, accounting firms had already done the work and most CCs got stuck with a bill for something they didn't need.

The good news is that the CRA will not require bare trusts to file a T3 Income Tax and Information Return (T3 return), including Schedule 15 (Beneficial Ownership Information of a Trust) for the 2024 tax year, unless the CRA makes a direct request for these filings. This is a continuation of the exemption from the trust reporting requirements that was issued for bare trusts for the 2023 tax year. Click here for more information. As to what is required for 2025, stay tuned?