When to file a T3 return
New legislation in Bill C-32 states that certain trusts must provide additional information regarding beneficial ownership on an annual basis. Trusts must provide beneficial ownership information on a Schedule 15, filed along with a T3 return. These new reporting requirements are effective for taxation years ending after December 30, 2023 and subsequent tax years. This means that some trusts may have to file a T3 return for the first time. Others should still file their 2022 T3 returns as usual.
For a T3 return your filing due date depends on the trust's tax year-end.
In one calendar year, you have to file a T3 return, the related T3 slips, NR4 slips, and T3 and NR4 summaries no later than 90 days after the trust’s tax year-end. You should also pay any balance owing no later than 90 days after that year-end.
For NR4 Slips
For mutual fund trusts that filed an election to have a tax year-end of December 15, and the pre-loss restriction event year-end is after December 15 in a calendar year, the NR4 slip must be filed no later than 90 days after the end of that year. In any other case, the NR4 slip must be filed no later than 90 days after the end of the calendar year in which the pre-loss restriction event ends.
If you mail a return first class, or if you use an equivalent delivery service, we consider the date of the post/delivery mark on the envelope to be the day you filed the return.
If a due date falls on a Saturday, Sunday, or a public holiday recognized by the Canada Revenue Agency, we consider your payment to be on time if we receive it on the next business day. Your return is considered on time if we receive it or if it is post/delivery-marked on or before the next business day. For more information, go to Important dates for Individuals.
Deadline for distributing T3 slips
You must send T3 slips to the beneficiary’s last known address no later than 90 days after the end of a trust’s tax year. If you have the information you need to complete the slips before that deadline, we encourage you to send them to the beneficiaries as early as possible.
If you do not have the information slips you need to complete a return when it is due, estimate the income. If, after you receive the slips, you find your estimate differs from the actual amounts, send the slips and a letter to us, asking for an adjustment to the trust’s income. For more information, see Reassessments in Guide T4013, T3 Trust Guide.
Penalties and interest
For information on late-filing penalties and interest on unpaid taxes, see Penalties and interest in Guide T4013, T3 Trust Guide.
For a testamentary trust that is a graduated rate estate, you have to file the final T3 return and pay any balance owing no later than 90 days after the trust’s wind-up (discontinuation) date. Enter the wind-up date on page 2 of the return.
If you wind up a graduated rate estate, the tax year will end on the date of the final distribution of the assets.
If you wind up an inter vivos trust or a testamentary trust (other than a graduated rate estate), you have to file the final T3 return and pay any balance owing no later than 90 days after the trust’s tax year-end. However, you may want to file the final return before that time.
In either case, you should get a clearance certificate before you distribute trust property. For more information, see Clearance certificate.
- Date modified: