Form T3 SCH 15, Beneficial Ownership Information of a Trust (Schedule 15)

For tax years ending on or after December 31, 2023, a trust (other than a listed trust) that is required to file a T3 return, generally must report beneficial ownership information requested on Schedule 15.

As requested on Schedule 15, a trust will be required to report the identity of all trustees, settlors, beneficiaries and controlling persons (which are collectively referred to as reportable entities) of the trust. For taxation years ending on or after December 31, 2024, reportable entities include partnerships. You must include information for all reportable entities of the trust that existed at any time during the tax year including entities that were added since the last time beneficial ownership information was provided.

This includes situations where the person or partnership became a reportable entity at any time during the tax year and where the person or partnership is no longer a reportable entity of the trust at the end of the tax year for which you are filing a T3 return.

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 fill out multiple copies of Part B and include these with the Schedule 15 filed with the T3 return.

Notes

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

Beneficial ownership reporting requirements do not apply to an amateur athlete trust that is not an express trust.

Instead of a T3 return, an amateur athlete trust that is an express trust (other than a listed trust) needs to file Form T3ATH-IND, Amateur Athlete Trust Income Tax Return, accompanied by a completed Schedule 15.

Where the required beneficial ownership information is not filed along with the T3 return, the trust may be subject to one or more penalties for failing to comply with the requirements of the Act - read the section Penalties.

For more information on the additional reporting requirements, go to Trust reporting rules for T3 returns filed for taxation years ending on or after December 31, 2023.

Definition of a settlor

For taxation years ending on or after December 31, 2024, for the purposes of the trust reporting rules, a settlor includes any person or partnership that has directly or indirectly, in any manner whatever, transferred property to the trust at or before that time. This does not include a transfer made by the person or partnership to the trust:

For fair market value consideration, or
Pursuant to a legal obligation to make the transfer

Identifying Beneficiaries

The term beneficiary for the purposes of Schedule 15 is based on its ordinary meaning. Generally, the determination of whom is a beneficiary of a particular trust requires a finding of fact based on all the relevant information, including the terms of the trust and the settlor's intent in establishing the trust. In essence, a beneficiary of a trust is a person (other than a protector) who has a right to compel the trustee to properly enforce the terms of the trust, regardless of whether that person's right to any of the income or capital is immediate, future, contingent, absolute, or conditional on the exercise of discretion by any person. However, such a determination is ultimately dependent on the specific facts, terms of the trust as well as the relevant trust law.

The requirement to provide the necessary information in respect of beneficiaries of a trust as requested on Schedule 15 will be met if the required information is provided in respect of each beneficiary of the trust whose identity is known or ascertainable with reasonable effort by the person making the return at the time of filing the return. If a beneficiary's identity is known or ascertainable, complete Part B of Schedule 15. If a beneficiary's identity is not known or ascertainable with reasonable effort, then the person making the return is required to provide sufficiently detailed information to determine with certainty whether any particular person is a beneficiary of the trust. In this case, fill out Part C of Schedule 15.

Where the beneficiaries of a trust are all of the members of an Indigenous group, community, or people that hold rights recognized and affirmed by section 35 of The Constitution Act, 1982, or an identifiable class of the members of such Indigenous group, community or people, provide a sufficiently detailed description of the class of beneficiaries to determine with certainty whether any particular person is a member of that class of beneficiaries.

Where some but not all of the units of a trust are listed on a designated stock exchange, the requirement to provide information in respect of the beneficiaries of the trust is met if the required information is provided in respect of the beneficiaries of the unlisted classes of units.

For taxation years ending on or after December 31, 2024, trusts in which the trustee is a public guardian and trustee authorized under a law of Canada or a Province who, as trustee, who is acting in their capacity as public guardian and trustee, including acting as trustee of a trust pursuant to an order of a court, that are not otherwise included as listed trusts and are required to file Schedule 15, are not required to include information in respect of each of the beneficiaries of the trust on Schedule 15.

For taxation years ending on or after December 31, 2025, for alter ego, or joint spousal or common-law partner trusts, beneficiaries who are beneficiaries of the trust solely because of a right of the person to receive any of the trust's income or capital, if under that right the person may so receive that income or capital only on or after the death after that time of an individual, are not required to be reported on Schedule 15.

Who is a controlling person

For the purposes of the trust reporting requirements, the term controlling person means a person or partnership who has the ability (through the terms of the trust or a related agreement) to exert influence over trustee decisions regarding the appointment of income or capital of the trust. This would include, for example, a protector of the trust.

For more information on the additional reporting requirements, go to New trust reporting requirements for T3 returns filed for tax years ending after December 30, 2023.