What to file ▲
What to file ▲
Trusts listed in "Chart 1 - Types of Trusts" beginning on page 10 may have to file a T3 return, and any related schedules and statements, if they meet the requirements listed in "Who should file" on page 18.
The T3 return is filed as both an income tax return, which calculates tax liability, and an information return, which reports amounts allocated and designated to beneficiaries. When the trust files its first T3 return, send us (i) a copy of the trust document or signed last will and testament (unless already filed with the T3APP, or sent after completing the online trust account registration process), and (ii) for a testamentary trust, a list of assets held at the date of death (unless already filed with the deceased's final T1 return), or (iii) for any other trust, a list of assets held at the trust's tax year end.
You may also have to file the following, depending on the type of amounts paid or allocated by the trust:
-
If the trust allocated amounts to resident beneficiaries, file the T3 Summary, Summary of Trust Income Allocations and Designations and the related T3 slips. For more information, see "Chapter 4 - T3 slip and T3 Summary" on page 74
-
If the trust paid executor, liquidator, or trustee fees, or if an employee benefit plan or an employee trust made distributions other than a return of employee contributions, file a T4 Summary, Summary of Remuneration Paid, and the related T4 slips, Statement of Remuneration Paid. For more information, see Guide RC4120, Employers' Guide - Filing the T4 Slip and Summary
-
If the trust paid scholarships, fellowships, bursaries, prizes, or research grants to a resident of Canada, file a T4A Summary, Summary of Pension, Retirement Annuity, and Other Income, and the related T4A slips, Statement of Pension, Retirement, Annuity, and Other Income. For more information, see Guide RC4157, Deducting Income Tax on Pension and Other Income, and Filing the T4A Slip and Summary
-
If the trust paid or credited, or is considered to have paid or credited, amounts to a non-resident beneficiary, file an NR4 Summary, Summary of Amounts Paid or Credited to Non-Residents of Canada, and the related NR4 slips, Statement of Amounts Paid or Credited to Non-Residents of Canada. For more information, see Guide T4061, NR4 - Non-Resident Tax Withholding, Remitting, and Reporting
-
If the trust paid fees to a non-resident of Canada for services performed in Canada and the non-resident acts in the capacity of an executor in the course of a business, file a T4A-NR Summary, Fees, Commissions, or Other Amounts Paid to Non-Residents for Services Rendered in Canada, and the related T4A-NR slips, Statement of Fees, Commissions, or Other Amounts Paid to Non-Residents for Services Rendered in Canada. For more information, see Guide RC4445, T4A-NR - Payments to Non-Residents for Services Provided in Canada
-
A trust (including a bare trust) that is required to file a T3 return, other than a listed trust, generally must report beneficial ownership information on Schedule 15. See "Bare trusts filing relief for 2023 and 2024" in "What's new for 2024" on page 3
For more information about Schedule 15, see "Schedule 15 - Beneficial Ownership Information of a Trust" on page 72.
Mandatory disclosure rules
Consult canada.ca/mandatory-disclosure-rules to determine if form RC312 "Reportable Transaction and Notification Transaction Information Return" is required for filing in respect of any reportable and/or notifiable transactions entered into by the trust after June 21, 2023.
Form T3-DD, Direct Deposit Request for T3
We can deposit a trust's T3 refund into the trust's account at a financial institution in Canada.
To enrol for direct deposit or to update a trust's banking information, the trustee or other authorized person can complete Form T3-DD, Direct Deposit Request for T3, and send it to the CRA. For more information, go to canada.ca/cra-direct-deposit.
