(604) 697-7777 info@horizoncpa.ca

T3 Trust Returns – Client Resource Page

Welcome to the 2023 Trust Filing Season! Your 2023 Trust Filing is due March 31, 2024.

First things first! Please review our article on New Trust Filing Requirements

Please let us know if you would like to engage us to prepare as much of this supplementary information form as we can with the information we already have on file. The cost for reporting this supplemental information for you will depend on your circumstances and the information we have on file.

If you haven’t done this yet, linked here is a Trust Reporting Form we require you to complete and return to us at your earliest convenience in order to give us the opportunity to prepare for your filings. This is especially important if you wish to wind-up or make changes to your trust for the year ended December 31, 2023.

Electronically Sign and Submit 2023 Trust Reporting Form

FAMILY TRUST BOOKKEEPING

A trust return is required regardless of whether it has been used or not. If the trust was used to distribute income or capital during the year, we require a synoptic, a ledger, or other type of accounting records which will allow us to calculate the amount spent on or paid to each beneficiary. The accounting records must reconcile to the trust bank account each month.

If you did not use your trust, please call or email us to let us know.

If you would like us to prepare your trust tax return on time, we require the following information as soon as possible:

  1. SIN, address, and tax jurisdiction of all beneficiaries, trustees, settlors, and anyone else able to exert influence over the trust.
  2. Amount of dividends or interest paid (if this cannot be calculated from the trust records).
  3. Trust bank statements and cancelled cheques for January 1, 2023 through December 31, 2023.
  4. Trust synoptic, ledger, or summary
  5. Other- any other additional information which we need to know. (We do not need receipts.)

We may already have some of the information to prepare your trust return.

SUBMISSION OF RECORDS

Check your email on January 15, 2024 for a personalized checklist from us where you can upload your tax information to our secure file-sharing portal. The email will have a subject line “T3 Trust Return Filing Deadline”.

DEADLINE

If we do not receive this information by February 6, 2024, we may not be able to complete your trust return and the related T5 slips by the deadline. A separate T4, T5 reminder letter has also been sent to you. If you need any help organizing or gathering this information, please call us at (604) 697-7777.

Receiving a Copy of Your Trust Return

In an effort to be more eco-friendly, we will deliver a copy of your trust return(s) to you electronically through our secure file-sharing portal called Karbon Client Checklist or by email with password protection.

We will only send a paper copy of your return(s) if requested. 

If you have any other questions or need any help organizing or gathering this information, please contact us at (604) 697-7777.  

Optional

Create an account to access Karbon Client Portal. This will allow you to access all the applicable past filings we have prepared for you (T1, T3, T4, T5 and corporate) through a secured file-sharing platform called Karbon. See this link for more instructions: How to Guide – Karbon Client Portal