CRA makes it easier to file for trusts

Good news for clients with trusts: starting this January, they can file 10 more trust forms electronically using CRA’s Internet File Transfer service.

Read: Finance drafts solution to spousal trust nightmare

In addition to Form T3SUM, Summary of Trust Income Allocations and Designations, and Form T3, Statement of Trust Income Allocations and Designations, you will be able to file the following forms in XML format:

• T3D, Income Tax Return for Deferred Profit Sharing Plan (DPSP) or Revoked DPSP
• T3P, Employees’ Pension Plan Income Tax Return
• T3S, Supplementary Unemployment Benefit Plan Income Tax Return
• T3RI, Registered Investment Income Tax Return
• T3ATH-IND, Amateur Athlete Trust Income Tax Return
• T3M, Environmental Trust Income Tax Return
• T3GR, Group Income Tax and Information Return for RRSP, RRIF, RESP, or RDSP Trusts
• T1061, Canadian Amateur Athletic Trust Group Information Return
• T3PRP, T3 Pooled Registered Pension Plan Tax Return
• T2000, Calculation of Tax on Agreements to Acquire Shares (Section 207.1(5) of the Income Tax Act)

Also read:

Are Alberta trusts still worth it?

Ethical investing in trusts

The flexibility of beneficiary designations

Provincial trust residency tested

Staff

The staff of Advisor.ca have been covering news for financial advisors since 1998.