Preparing and Filing Trust Returns for 2023 – Live Webinar March 8, 2024
Are you ready for the new T3 filing requirements? In this live 3-hour webinar, we will review the recent changes to the filing requirements for trusts and focus on various issues related to preparing and filing T3 returns and slips.

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 webinar will discuss 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

 

MINIMUM REQUIREMENTS:

You will require an Internet connection and a phone/voice connection at the same time. Most attendees use their computer for the audio. Participants are able to submit questions and comments during the session via a Q&A text panel. Terms, conditions, pricing and services subject to change.

 

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.

Registrations for each Live Webinar are available until the start of each program. We reserve the right to substitute speakers in the case of instructor illness. In the event that we must cancel a Live Webinar, all registrants will be notified immediately and given the opportunity to either transfer their registration to another Live Webinar or a Recorded Webinar or obtain a refund. For all Live Webinars that are recorded, participants will have access to the recording for 12 months following the Live Webinar. Partial credit will not be awarded for attendees that are not present for the entirety of the Live Webinar. Credit will not be awarded if an attendee does not answer all of the polling questions (where applicable). Additional credit will not be awarded due to the instructor presenting over the allotted time.

 

CANCELLATION POLICY:

Due to the costs involved with planning Web sessions, cancellations must be confirmed in writing at least one (1) business day before the beginning of the Web session. If we receive your cancellation notice within the above-mentioned period, you will receive a full refund. No refund will be issued for notices received after the cancellation period.

 

THIS WEBINAR INCLUDES:

  • 12 months to review the webinar recording
  • 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.