The deadline to file your T3 trust income tax and information return is 90 days after your year-end (e.g., if your trust has a December 31, 2022 year-end, you must file your T3 return by March 31, 2023).
If you have engaged us to prepare a trust return, you must submit your documents to us no later than four weeks before your T3 filing deadline to avoid increased risk of your return not being completed by the deadline, which may result in penalties (e.g., if your trust has a December 31, 2022 year-end, you must submit your documents to us by Friday, March 3, 2023).
Certain trusts, including Bare trusts, that were previously not required to file a T3 return will be required to do so, under new reporting rules. Under these requirements, affected trusts must file a T3 return and include a new schedule to report the identity of various beneficial owners, effective for years ending on or after December 31, 2023.
If these new rules will impact your trust, it’s important to gather the information early to reduce the risk of penalties.
If you’d like to gather the required information yourself, you can use our Beneficial Ownership Information of a Trust Form to ensure you provide us with everything needed to meet the criteria for the new reporting requirements. Otherwise, Grant Thornton can compile the required data for your T3 trust return, on your behalf. Contact your local office for further details and note that additional fees will apply.
If your trust or you in your capacity as a trustee own residential property in Canada, you may be required to file an annual Underused Housing Tax (UHT) return(s) due April 30.
It’s important that you meet your UHT obligations and file on time, as late filing penalties are a minimum of $10,000 ($5,000 for individuals). You may need to open a UHT account and this process takes time.
UHT isn’t an income tax and accordingly is NOT a part of your trust’s T3 Return filing.
You can refer to our Underused Housing Tax: Impacts to Canadians and Non-Residents alert for more information on this measure. Please reach out to your advisor or fill out the contact form below if you require assistance in determining whether the rules apply to you.
Download the Trust Stakeholder Information Form
There are two ways you can securely send or receive documents from us:
Digital: Use our secure online portal to send your documents electronically. This is the best way to help ensure your documents get to us safely and quickly. Contact your advisor or local office for instructions on how to set up your account.
Please do not send us your documents via email as this is an unsecure and unprotected method.
In-person/courier: If you’re unable to send your information electronically, you can also courier or drop off your documents to your local office. Place all your tax documents in an envelope with your name, contact information, and clearly mark it private and confidential. If you choose to use a courier, ensure that you can track the package as it includes original documents.
Submitting paper documents may result in additional processing time and fees.
Have questions?Trust planning is complex—but we can help. Reach out to your advisor directly to discuss your unique needs or fill out the form below and we’ll have someone get back to you. |
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