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When to prepare a T3 slip. As trustee, you have to complete a T3 slip, Statement of Trust Income Allocations and Designations, for each resident beneficiary, including a preferred beneficiary, to whom the trust allocated income in the year. You must also do this for a trust that made any distributions of capital that would result in an ...
- T3 Trust Guide
164(6) election by an estate; preferred beneficiary...
- T3 Trust Guide
- Overview
- High-use boxes
- Low-use boxes
- Forms and publications
- Related links
Type or print the information on the slip. Report all amounts in Canadian dollars. If an amount was paid in foreign funds at various times throughout the year, to get the applicable rates or call 1-800-959-8281.
If there is a preferred beneficiary election and other income is also allocated to the same beneficiary, complete one T3 Slip for the elected income and a separate T3 slip for all other allocated income.
You can get the information needed to complete boxes 21 to 51 from Schedule 9, Income Allocations and Designations to Beneficiaries.
Recipient’s name and address – Enter the information in the white area provided. If the payment is to an individual, enter the beneficiary’s name. If the payment is to a joint beneficiary, enter both names. If the payment is made to a trust, enter the name of the trust but not the names of the individual beneficiaries of that trust. If the payment is made to an association, organization, or institution, enter that name. Following the beneficiary’s name, enter the beneficiary’s full address including city and province or territory. Also include the postal code.
Year – Enter the tax year at the top of the slip.
Trust year end – Use a four-digit number to indicate the year, and a two-digit number to indicate the month of the trust’s tax year-end.
For your convenience, we have put the instructions for the following boxes in numeric order, even though the order on the slip may be different. The high-use boxes appear first, followed by the low-use boxes.
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•Box 12 – Recipient identification number
If the beneficiary is an individual (other than a trust), enter the individual’s social insurance number.
If the beneficiary is a business (sole proprietor, corporation or partnership), enter the 15 character program account number of the business.
If the beneficiary is a trust, enter the trust account number.
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•Box 22 – Lump-sum pension income
Enter the beneficiary spouse's or common-law partner's share of the amount from line 922 of Schedule 9.
•Box 24 – Foreign business income
Enter the beneficiary's share of the amount from line 924 of Schedule 9 (before withholding taxes).
•Box 25 – Foreign non-business income
•Guide T4013, T3 Trust Guide
•Form T3 Statement of Trust Income Allocations and Designations
•Information Circular IC78-5R3, Communal Organizations
•Form T2038(IND) – Investment Tax Credit (Individuals)
•Amending, cancelling, adding, or replacing T3 slips
164(6) election by an estate; preferred beneficiary election; A late, amended, or revoked election is subject to a penalty of $100 for each complete month from the due date of the election to the date of the request. The maximum penalty is $8,000. For more information about the taxpayer relief provisions, go to Taxpayer relief provisions.
Jul 15, 2016 · In addition to the above requirements, the preferred beneficiary must be: (1) the settlor of the trust; (2) the spouse/common-law partner or former spouse/common-law partner of the settlor; or (3) a child, grandchild, great-grandchild of the settlor or a spouse/common-law partner of such persons. To make the election, subsection 104 (14) of the ...
May 16, 2023 · The Beneficiary worksheet provides fields to enter the address and contact information, as does the T3Ben slip. The T3 Allocation worksheet only allows you to enter and edit the name of the beneficiary. If you spot a typo or change your mind about a piece of beneficiary information, you don’t need to chase down the source field.
Apr 22, 2024 · The T3 tax form, or the T3 slip, is a form you need to issue to your trust’s beneficiaries to report amounts, such as their designated income and credits. In Quebec, beneficiaries receive anRL-16. The T3 slip is important for your trust and also the beneficiaries. Beneficiaries use the information on this form to report trust income on their ...
People also ask
Do I need a T3 slip for a Preferred Beneficiary election?
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Should a trust issue a T3 slip to a beneficiary?
Do I Need a T3 slip if I need More than 6 boxes?
What if a T3 slip is amended?
The ELBEN form will then apportion the total income reduction to the beneficiaries according to the rules laid out in ss. 104(13.1) and/or (13.2), and then compute the remaining income (for each income category) to transfer to the T3 slips (T3S). A beneficiary by beneficiary listing of the elections is printed for submission to Canada Revenue ...
