Some taxpayers who filed "bare trust" forms to the Canada Revenue Agency last year may have done so needlessly as the federal government examines further changes to the reporting requirements — changes that could risk creating another chaotic tax season, one accountant warns.

The government introduced new tax reporting rules for trusts in 2022 that were slated to take effect for the 2023 tax year. While the rules were brought in to target things such as money laundering, terrorist financing and tax avoidance, thousands of Canadians who had simple bare trusts found themselves having to file complicated forms.

The CRA made a last-minute decision to pause the reporting requirements for bare trusts in March 2024 — just days before the filing deadline — citing an "unintended impact on Canad

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