Tax year-end and fiscal period

Tax year-end

Graduated rate estate

For 2016 and later tax years, a graduated rate estate (GRE) can have a non-calendar tax year (the period for which the accounts of the estate are made up for purposes of assessment). A GRE will have a deemed tax year-end on the day on which the estate stops being a GRE, which will be no later than the day on which the 36-month period after the death of the individual ends. Later tax year-ends will generally be on a calendar-year basis. For example, where an estate is created in 2015 and is a GRE in 2015, 2016, and 2017, a deemed year-end will occur in 2018 on the third anniversary of the individual’s date of death. The testamentary trust will also have a tax year-end on December 31, 2018.

For tax years before 2016, a testamentary trust can have a non-calendar tax year but will have a deemed tax year-end on December 31, 2015 (unless the trust is an estate that exists at the end of 2015 and is a GRE for its 2016 tax year).

All other trusts

For 2016 and later tax years, all other trusts are generally required to use a December 31 tax year-end. However, an exception is available for mutual fund trusts that elect to have a December 15 year-end. A mutual fund trust that previously elected to have a December 15 year-end can revoke the election. For more information, call 1-800-959-8281.

Fiscal period

Fiscal period change for a trust’s windup (ending)

For 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 windup (ending) date. Enter the windup date on page 1 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, 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 the trust’s tax year-end.

In either case, you should get a clearance certificate before you distribute trust property. For more information, see "Clearance certificate," in Guide T4013, T3 Trust Guide.

Where may I get a clearance certificate?

For a trustee address in Ontario, New Brunswick, Nova Scotia, Prince Edward Island, Newfoundland and Labrador, or the rest of the province of Quebec not directed to the Winnipeg Tax Centre, send your request for a clearance certificate to:

Sudbury Tax Centre
T3 Trust Returns Program
1050 Notre Dame Avenue
Sudbury ON  P3A 6C2

For a trustee address in Manitoba; Saskatchewan; Alberta; British Columbia; Northwest Territories; Yukon; Nunavut; Laval, Quebec; Montréal, Quebec; or Sherbrooke, Quebec, send your request for a clearance certificate to:

Winnipeg Tax Centre
T3 Trust Returns Program
PO Box 14003, Station Main
Winnipeg MB  R3C 0N8 

Fiscal period change for a trust other than for a windup:

Request for changes to a fiscal year-end other than for a windup, should be made in writing and sent to the Taxpayer Services Regional Correspondence Centre for your province or territory of residence.

Select the appropriate location from the following list:

Newfoundland and Labrador, New Brunswick, Nova Scotia, and Prince Edward Island

Nova Scotia Tax Services Office
PO Box 638, Station Central
Halifax NS  B3J 2T5
Fax: 902-450-8558

Quebec

Jonquière Tax Centre
2251 boulevard René-Lévesque
Jonquière QC  G7S 5J1
Fax: 418-699-0203

Ontario and Nunavut

London-Windsor Tax Services Office
451 Talbot Street
London ON  N6A 5E5
Fax: 519-645-4029

Manitoba, Saskatchewan, Alberta, and Northwest Territories

Saskatchewan Tax Services Office
340 3rd Avenue North
Saskatoon SK  S7K 0A8
Fax: 306-652-3211

British Columbia and Yukon

Fraser Valley Tax Services Office
9737 King George Boulevard
PO Box 9070, Station Main
Surrey BC  V3T 5W6
Fax: 604-586-6442

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