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January 2024 - Bare Trusts Part 1

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Trust Toolkit

The following lists some examples of potential bare trust arrangements; CRA has not commented on several of the examples below. It is uncertain how they will interpret and enforce the law.

• a child on title of a parent’s home (without the child having beneficial ownership) for probate or estate planning purposes only;

• a parent on title of a child’s property (without the parent having beneficial ownership) to assist the child in obtaining a mortgage;· one spouse being on title of a house or asset although the other spouse is at least a partial beneficial owner;

• a parent or grandparent holding an investment or bank account in trust for a child or grandchild;

• a corporate bank account opened by the shareholders with the corporation being the beneficial owner of the funds;

• a corporation being on title of an individual’s real estate, vehicle or other asset, and vice-versa;

• assets registered to one corporation but beneficially owned by a related corporation

• use of a nominee corporation for real estate development purposes;

• a property management company holding operational bank accounts in trust for their clients, or individuals managing properties for other corporations holding bank accounts for those other corporations;

• a lawyer’s specific trust account (while a lawyer’s general trust account would largely be carved out of the filing requirements, a specific trust account would not); and

• a partner of a partnership holding a bank account or asset for the benefit of all the other partners of a partnership.

• In addition to bare trust arrangements, other trusts that have not had to file in the past may have a filing obligation under these expanded rules.

Tool Kit for Trust Reporting