OTTAWA, ON, March 3, 2025 /CNW/ - For the 2024 tax year, the Canada Revenue Agency (CRA) will continue to administer the enhanced trust reporting rules as enacted for tax years ending on or after December 31, 2023. Affected trusts are required to file a T3 Income Tax and Information Return (T3 return), including Schedule 15 (Beneficial Ownership Information of a Trust), unless specific conditions are met.
Bare trusts are not required to file for the 2024 tax year
As announced on October 29, 2024, bare trusts are not required to file a T3 return and Schedule 15 for the 2023 and 2024 tax years, unless the CRA makes a direct request for these filings. Find out more: Trust reporting for the 2024 tax year.
2024 T3 return and guide are now online
The T3 return and T4013 T3 Trust Guide for the 2024 tax year are now online.
The CRA will also be publishing updates to the trust reporting requirements frequently asked questions.
Deadline to file: 90 days after trust tax year-end
The deadline for trusts to file their T3 return, and Schedule 15 if applicable, is no later than 90 days after the trust's tax year-end. The tax year-end for most trusts is the end of the calendar year. Trusts with a December 31, 2024 tax year-end need to file their T3 return by March 31, 2025. For more information, go to When to file a trust return.
Trusts with a capital disposition
The Department of Finance has announced that it will introduce legislation in Parliament in due course, related to the capital gains inclusion rate change with a new effective date of January 1, 2026. As a result, the CRA has reverted to administering the currently enacted capital gains inclusion rate of one-half. This means that all capital gains realized before January 1, 2026 will be subject to the currently enacted inclusion rate of one-half, unless an exemption applies.
With the proposed change to the effective date, the CRA has now reverted the forms posted online to the currently enacted rate.
The CRA will grant relief in respect of late-filing penalties and arrears interest until May 1, 2025, for impacted trust filers to provide additional time for taxpayers reporting capital dispositions to meet their tax filing obligations. This relief applies to both the filing of T3 information returns (slips) and the T3 return. Find out more: Update on the Canada Revenue Agency's administration of the proposed capital gains taxation changes.
Clarifying Period 1 and Period 2 reporting for capital gains dispositions
While the CRA is administering the enacted capital gains inclusion rate of one-half, we are maintaining Period 1 (dispositions that occurred prior to June 25, 2024) and Period 2 (dispositions that occurred on or after June 25, 2024) reporting on the T1 and T3 schedules. Period 1 and Period 2 reporting is being maintained to ensure continued alignment with the tax slips that have already been published and are currently being issued to Canadians and filed with the CRA. As well, the proposed increase to the lifetime capital gains exemption applies starting with capital dispositions in Period 2 of qualified farm or fishing property and qualified small business corporation shares. For more information, go to Update on the filing of information returns.
Penalties may apply
If you do not file a T3 return and you are required to, penalties and interest may apply. For more information, go to Penalties and interest.
Contacts
Media Relations
Canada Revenue Agency
613-948-8366
[email protected]
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SOURCE Canada Revenue Agency
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