Preparing and Filing Trust Returns for 2023 – Recorded Webinar March 2024

Most trusts with a December 31, 2023 year end will now have to file a return, including bare trusts, even if they had not been required to file one previously and many trusts will now have to provide beneficial ownership information. In addition, where a tax preparer prepares more than five T3 returns for remuneration, these returns need to be electronically filed starting in 2024 to avoid possible penalties. Similarly, if you prepare more than five t-slips for a given trust, these slips will also have to submitted electronically to avoid penalties. 

This recorded webinar discusses these changes and review the basics of preparing and filing a trust return, including how to electronically file your T3 returns and slips. 

Portions of the webinar will be presented using the Taxprep for Trusts, iFirm Taxprep T3 and Cantax FormMaster software programs in order to illustrate the forms and calculations involved as well as the EFILE process. However, the information provided will be of interest to anyone that will be required to prepare a T3 return.

TOPICS:

New requirements to file a T3 return under the ITA
Applying for a Trust Number
Bare Trusts
Completing new Schedule 15
Entering beneficiary information
Reporting income and expenses
Allocating income to beneficiaries
Printing and filing T3 slips
Filing deadlines
Mandatory electronic filing for tax preparers 
How to electronically file the T3 return
Submitting supporting documents
Electronic payment requirements
Adjusting a T3 return
Other returns to be filed
Accessing the CRA portal “My Trust Account”
 

LEARNING OBJECTIVES:

Be aware of the new filing requirements for a T3 return
Understand the impact on a bare trust 
Learn how to file the return, slips and supporting documents
Discover how to access T3 data online 
 

TARGET AUDIENCE:

This webinar will be of most interest to accountants, lawyers and other tax professionals responsible for trust tax compliance within their organization. 

PROFESSIONAL DEVELOPMENT CREDITS (CPE HOURS):

Wolters Kluwer professional development programs are designed to meet the continuing education requirements of a variety of professional associations. These requirements do vary by association and region. Please consult your provincial association to ensure this webinar meets the continuing professional development standards for your specific situation. 

THIS WEBINAR INCLUDES:

Print version of the presentation slides
PD Certificate for 2 hours 

PRESENTER:

This webinar is being presented by:

Maureen Vance B.Com., CPA, CA

Maureen obtained her CA with Peat Marwick Mitchell (a predecessor of KPMG) and joined Taxprep (now part of Wolters Kluwer) in 1985. She completed the CICA In-depth tax course in 1991, and since 2002, she has been a consultant to Wolters Kluwer on tax and compliance issues. Maureen researches and writes material on tax planning and compliance and presents seminars and webinars on various tax and software topics to accounting firms across Canada. She is a member of the CRA-CPA Canada Technology Working Group, a contributor to the CPA Canada Tax Risk Management Guide, a contributing author for the Wolters Kluwer publications Preparing Your Tax Returns, Preparing Your Trust Returns, Preparing Your Corporate Tax Returns and Preparing Your Partnership Returns and a frequent contributor to various other Wolters Kluwer Canada publications, including Tax Topics.