Getting ready to file

Gather what you need to file a T3RET T3 Trust Income Tax and Information Return (T3 return).

For most trusts, you will complete the T3 return. Links to the T3 return and the most commonly used schedules and forms can be found below at T3 return and schedules and forms.

Information for first-time filers

If you are filing a T3 return for the first time, you will need a trust account number.

It is important to include the trust account number on the T3 return and all payments or correspondence related to the trust.

Refer to: Application for a trust account number

T3 return, schedules and forms

The T3 return is used by a wide variety of trusts. When filing the T3 return, you will need to identify the type of trust by entering a three digit trust type code.

See Chart 1 – Types of Trusts in the T4013 T3 Trust Guide and Trust types and codes for more information. The trust type code is required because the tax treatment may be different for a particular trust type.

Other specialized tax returns exist for specialized trusts. See Canada Revenue Agency forms listed by number to search for these specialized trust tax returns.

T3 return

T3RET T3 Trust Income Tax and Information Return

Schedules and forms

Below are links to the more commonly used schedules and forms which, if applicable, should be included with the T3 return.

Provincial schedules associated with the T3 return

Below are links to provincial schedules which, if applicable, should be included with the T3 return.

Guidance for completing the T3 return and schedules

The T4013 T3 Trust Guide provides information on completing the T3 return and schedules and is updated each year. The information includes:

• Chapter 1 – General Information including listing of trust types and codes
• Chapter 2 - Completing the T3 return
• Chapter 3 – Completing trust schedules and forms

Where the trust allocates amounts to beneficiaries resident in Canada, or to non-resident beneficiaries, see T3 Slips, NR4 Slips and T3 and NR4 Summaries on the When to File page and Chapter 4 in the T4013 T3 Trust Guide.

Guidance for completing Schedule 15 – Beneficial ownership information of a trust

Specified information requested on Schedule 15

Generally, all trusts that are required to file a T3 return, other than listed trusts, must include specified information about each reportable entity of the trust, as outlined on Schedule 15, with their T3 return.

Schedule 15 requests specified information on all trustees , settlors , beneficiaries , and controlling persons  of the trust (collectively referred to as "reportable entities").

The following specified information is required for each reportable entity of the trust:

• Name
• Address
• Date of birth (if an individual)
• Country of residence
• Tax identification number (for example, social insurance number, business number, trust account number, or, in the case of a non-resident trust, the identification number used in a foreign jurisdiction)

Part B of Schedule 15 is to be completed separately for each reportable entity and for each entity type they hold. There should only be one tax identification number for each copy of Part B that is completed.

Additionally, if you can't provide the required information because the beneficiary is unknown at the time of filing (for example, unborn children and grandchildren, their spouses), you must provide sufficiently detailed information to determine with certainty whether any particular person is a beneficiary of the trust. In this case, provide the information requested in Part C of Schedule 15. For additional information on identifying and reporting beneficiaries, please refer to: Identifying Beneficiaries in the T4013 T3 Trust Guide.

The trust reporting requirements do not require the disclosure of information that is subject to solicitor-client privilege.

Completing Schedule 15

When required, Schedule 15 must be filed each tax year with the T3 return even if there are no changes in respect of the reportable entities. However, if you have provided the specified information about a reportable entity in a previous tax year and there have been no changes, that information can be carried forward and does not need to be added to Schedule 15 again. If there has been no change in the specified information about each of the reportable entities, select "No" for the second question in Part A of Schedule 15 to allow all previously filed information to be carried forward.

Part B of Schedule 15 should include information for the following situations:

• The addition or removal of reportable entities that occurred during the tax year
• The addition and removal of reportable entities that both became and ceased to be a reportable entity during the tax year (for example: a temporary trustee was appointed and replaced during the same tax year)
• The addition of reportable entities that became reportable entities in a previous tax year and continue to be reportable entities in the current tax year, where this has not yet been reported on a previous Schedule 15 filing
• The removal of reportable entities that ceased to be reportable entities in a previous tax year, where this has not yet been reported on a previous Schedule 15 filing
• Specified information about reportable entities that has changed since the last time it was reported

The fillable PDF version of Schedule 15 allows the user to add additional Part B sections by selecting "Add Part B" located at the end of Part B. If you are using the standard print PDF version of Schedule 15, you may complete multiple copies of Part B and include these with the Schedule 15 filed with the T3 return.

Supporting documentation

You must send the following documents if they apply to the T3 return you file:

• Elections
• Designations
• Agreements
• Last will and testament
• Waivers
• Special elective returns (including any supporting documents)
• Form T1135 Foreign Income Verification Statement
• Schedule / list of assets
• Details of asset distributions to beneficiaries
• Changes to beneficiaries
• Details of non-arm’s length loans from or to beneficiaries and other parties
• Details on private corporation shares held by the trust
• Details on property contributions
• All supporting documents the Canada Revenue Agency (CRA) asks for to complete the T3 tax assessment or reassessment

With the exception of Form T1135, you must send these documents to the tax centre serving the area the trustee resides in. You can send Form T1135 to the tax centre shown on that form.

All supporting documentation must be submitted to the CRA in writing or through the Submit documents online service available in My Trust Account that is accessible through Represent a Client in your CRA account. For an election to be considered valid, it must be submitted by the due date established in the Income Tax Act.

You do not have to send any other supporting document when filing.

Generally, you must keep all other documents you used to prepare your return for six years from the end of the last tax year they relate to, such as:

• Books
• Records 
• Forms
• Schedules 
• Receipts 

Be ready to send your documents to the CRA on request.

Refer to: Where to keep your records, for how long and how to request the permission to destroy them early