CRA requirement to report trust beneficiaries for trusteed non-registered savings plans.

What has changed?

Income Tax Regulation subsection 204.2(1) was added in late 2022, requiring beneficiaries of trusteed non-registered savings plan trusts to be reported to the Canada Revenue Agency (CRA) commencing with the 2023 tax year.

Do you have to take any action?

There is no action required by you or your plan members.

Sun Life manages the reporting of plan members in a non-registered trust to the Canada Revenue Agency (CRA) as part of the annual trust tax return (T3 Return) filing.

What information is reported?

The following plan member information is reported: name, address, date of birth, jurisdiction of residence, and taxpayer ID.

Questions?

Contact your Sun Life Group Retirement Services representative.