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- You should receive most of your slips (including your T4, T4A, and T5 slips) and receipts by the end of February. However, T3, and T5013 slips do not have to be sent before the end of March. To get your Old age security (OAS), employment insurance (EI) or Canada Pension Plan (CPP) slips, sign in to Service Canada.
www.canada.ca/en/revenue-agency/services/tax/individuals/topics/about-your-tax-return/tax-return/completing-a-tax-return/tax-slips/a-copy-your-tax-slips.html
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What is a T3 tax form in Quebec?
What is a T3 tax return?
How do I file a t3ret tax return?
Do trusts have to file a T3 return?
What is a T3 & T5 tax statement?
When will I receive a T3 form?
Trusts use the T3 slip, Statement of Trust Income Allocations and Designations, to identify beneficiaries and to report amounts such as income and credits that the trust designates to them. Three individual slips are printed on each page or sheet of the form.
- New reporting requirements for T3 returns
- Methods to file
- Supporting documentation for online filing
- Related
All trusts, unless specific conditions are met, must file a T3 return for tax years ending after December 30, 2023. Many trusts, including bare trusts, will need to file for the first time.
Refer to: New trust reporting requirements for T3 returns FAQ
If you need a trust account number, visit our Trust Account Registration online service within:
•My Account
•My Business Account
•Represent a Client
Efile: Option 1
You have the option to file the following T3 returns using Efile: T3RET – T3 Trust Income Tax and Information Return T3ATH-IND – Amateur Athlete Trust Income Tax Return T3M – Environmental Trust Income Tax Return T3S – Supplementary Unemployment Benefit Plan Income Tax Return T3D – Income Tax Return for Deferred Profit Sharing Plan (DPSP) or Revoked DPSP T3P – Employees’ Pension Plan Income Tax Return T3RI – Registered Investment Income Tax Return T3GR – Group Income Tax and Information Return for RRSP, RRIF, RESP, or RDSP Trusts T1061 – Canadian Amateur Athletic Trust Group Information Return T3PRP – T3 Pooled Registered Pension Plan Tax Return T2000 – Calculation of Tax on Agreements to Acquire Shares (Section 207.1(5) of the Income Tax Act) Section 216 Returns For more information about this filing method, go to EFILE for electronic filers. T3 EFILE exclusions You cannot file a Trust return electronically in any of the following situations, any related schedules, and forms listed below: The return is an amended T3 trust return. The return is for a tax year that ends before 2021. The trust does not have a trust account number. The trust is filing Form RC199, Voluntary Disclosures Program (VDP) Taxpayer Agreement, or the taxpayer is making a request under the Voluntary Disclosures Program. Form T1273, Statement A - Harmonized AgriStability and AgriInvest Programs Information and Statement of Farming Activities for Individuals and Form T1163, Statement A - AgriStability and AgriInvest Programs Information and Statement of Farming Activities for Individuals are excluded from T3 EFILE. T3 NB-SBI, T3 New Brunswick Small Business Investor Tax Credit. T3SK CG, Saskatchewan Farm and Small Business Capital Gains Tax Credit (Trusts). T3PFT, T3 Provincial or Territorial Foreign Tax Credit for Trusts. Business income tax paid to more than 3 foreign countries on Form T3FFT, T3 Federal Foreign Tax Credits for Trusts. Non-business income tax paid to more than 3 foreign countries on Form T3FFT, T3 Federal Foreign Tax Credits for Trusts. More than 12 Selected Financial Data (SFD) records. A claim for Return of fuel charge proceeds to farmers tax credit for a 2021 tax year. A claim for Yukon Business Carbon Price Rebate for a 2021 tax year. Trusts claiming bankruptcy in the year. Trusts filing Form T2223, election, under subsection 159(6.1) of the income tax act, by a trust to defer payment of income tax. Restrictions for Internet file transfer You cannot use Internet file transfer to file a trust return if: The return is an amended tax return The return is for a tax year that ends before 2017 The trust does not have a trust account number or cannot provide one in the electronic file Before you file with Internet file transfer Before filing with Internet file transfer, the trust's identification information must be up to date. You cannot use Internet file transfer to change identification information, such as the trust's: name legal representative (trustee, executor, administrator, or liquidator) address for the legal representative alternate mailing address, if different from the address for the legal representative direct-deposit information (nor can direct deposit be requested) Web access code for Internet file transfer Download the schema or use your software to create and save your return in XML format. If your file size is more than 150 MB, you may have to send fewer returns per file. Make sure you have your web access code and your trust account number. If you do not have your web access code, you can get one at Web access code. To submit electronically, go to Internet file transfer (XML).
By Mail: Option 1
Send any of the T3 return listed above by mail to the appropriate tax centre. For more information, go to Where to file a T3 return.
Elections and supporting documentation
The Income Tax Act provides for various elections to be made. Some are made on authorized Canada Revenue Agency (CRA) forms. Others are made by providing specific information in a letter or note. Elections and Form T1135, Foreign Income Verification Statement, have to be sent only if they apply to the return you filed. You do not have to send any other supporting document when filing online. Keep all documents used to prepare a return, such as books, records, forms, schedules, and receipts for six years. Be ready to send your documents to the CRA on request. All elections, including the supporting documentation, must be submitted to the CRA in writing or through the Submit documents online service. For an election to be considered valid, it must be submitted by the due date established in the Income Tax Act. When submitting this documentation: Clearly state the trust name and the trust account number on all the election forms and letters Clearly indicate in the covering letter that the documentation is submitted to support the trust's electronically filed return All other documentation used to prepare the return, excluding elections as indicated, is to be kept and sent to the CRA only if requested. For more information on other documents available for electronic filing, see Submitting and filing documents online related to T3.
Where to send supporting paper documents
With the exception of Form T1135, all paper documentation to support elections should be sent to the tax centre that serves the area where the legal representative lives. Each election form and letter should include the trust's name, representative's name, address, and trust account number. A covering letter should also be included that indicates the documentation is to support the trust's electronically filed return. Send your completed Form T1135, Foreign Income Verification Statement, to the tax centre address shown on the form.
Beneficial Ownership Legislation
New legislation in Bill C-32 received Royal Assent on December 15, 2022. The beneficial ownership reporting requirements are effective for taxation years ending after December 30, 2023. For 2023 and subsequent taxation years, all non-resident trusts that currently have to file a T3 return and all express trusts that are resident in Canada, with some exceptions, will have to provide additional information on an annual basis. An express trust is generally a trust created with the settlor's express intent, usually made in writing. As a result, for the 2023 and subsequent taxation years, certain trusts will have to file a T3 return where currently they do not have to file a T3 return. Exceptions from having to provide additional information The following types of trusts (that are either resident in Canada, or non-resident but required to file a T3 return) are not required to provide additional information: mutual fund trusts, segregated funds and master trusts trusts governed by registered plans (i.e., deferred profit sharing plans, pooled registered pension plans, registered disability savings plans, registered education savings plans, registered pension plans, registered retirement income funds, registered retirement savings plans, registered supplementary unemployment benefit plans and tax free savings accounts) lawyers' general trust accounts graduated rate estates and qualified disability trusts trusts that qualify as non-profit organizations or registered charities trusts that have been in existence for less than three months trusts that hold less than $50,000 in assets throughout the taxation year (provided that their holdings are confined to deposits, government debt obligations and listed securities) Additional information that will have to be provided the identity of all trustees beneficiaries and settlors of the trust each person who has the ability (through the trust terms or a related agreement) to exert control or override trustee decisions over the appointment of income or capital of the trust (e.g., a protector) This change is being made to improve the collection of beneficial ownership information with respect to trusts. What is an express trust? An express trust is generally a trust created deliberately (with express intent), by a settlor, usually in writing. It is accepted at common law that an express trust cannot be established unless three certainties are present, namely the certainty of: the intent to create a trust; the property to be placed in trust; and the identity of the beneficiaries of the trust. A settlor intends to set up a trust transfers property to the trust and identifies a beneficiary or beneficiaries.
•Guide T4013, T3 Trust Guide
•Manual RC4657, T3 Electronic Filers Manual
•Form T3RET, T3 Trust Income Tax and Information Return
•Reporting Requirements for Trusts
•Amending, cancelling, adding, or replacing T3 slips
•Internet file transfer (XML)
Apr 22, 2024 · How do I file a T3 return? Here are the steps to guide you through the filing process: Know your deadline: You must file the T3 return by the deadline, which is no later than 90 days after the trust’s tax year-end.
How to complete the T3 slip. 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.
T3 Tax Form: Trust Income in Canada What is a T3 Tax Form? A T3 tax form is sent to individuals who have investment income from certain trusts and any mutual funds in non-registered accounts.
Feb 16, 2024 · How do I file a return on trust: The T3 tax returns? Unless they meet specific conditions, all trusts must provide a T3 return along with the beneficial ownership information annually for a taxation year ending after December 30, 2023. This includes bare trusts and those with no taxable income.
Need some help understanding Canadian tax statements from an experienced accountant? Here's a quick guide to the T3, T4 and T5.
