My wife and I (dual US and Canadian citizens, living in Canada) have revocable trusts as part of our US estate plan. A few years ago, the laws changed and we had to start filing T3 returns for these trusts. They have no assets in them -- they are null trusts. Our CPA charged us about $100 for each one, but we were recently cascaded to a new CPA and he's charging us more than double that.
The form itself looks very simple, and I'd like to do it myself, but I'm struggling to find software aimed at (and priced for) the layperson. So far, it's looking like my best option is to print it out and mail it in.
Ideally, I'd like to do it digitally and EFILE it, but I've never done my Canadian taxes myself and I'm not sure where to start. Help would be greatly appreciated. Thanks!
Easiest way to file a T3 Trust Return
Moderator: Mark T Serbinski CA CPA
Re: Easiest way to file a T3 Trust Return
An additional question -- in googling this a bit more, it isn't clear to me that we need to do returns for these trusts at all.
Specifically, I was looking at 2.1 here: https://www.canada.ca/en/revenue-agency ... -2023.html
I believe my trusts are "listed trusts" (because they don't have any assets) and (again, looking at 2.1 on the link above) as listed trusts they may not be required to file returns (as they don't owe any taxes, have any gains, etc.). At the same time, I'm wondering if they may be "deemed resident", in which case I think we may be required to file. Because there have been no contributions, though, and thus are no benefits, I'm not sure that they would qualify as being deemed resident.
Again, help would be appreciated, and please let me know if additional information would be helpful. Thanks!
Specifically, I was looking at 2.1 here: https://www.canada.ca/en/revenue-agency ... -2023.html
I believe my trusts are "listed trusts" (because they don't have any assets) and (again, looking at 2.1 on the link above) as listed trusts they may not be required to file returns (as they don't owe any taxes, have any gains, etc.). At the same time, I'm wondering if they may be "deemed resident", in which case I think we may be required to file. Because there have been no contributions, though, and thus are no benefits, I'm not sure that they would qualify as being deemed resident.
Again, help would be appreciated, and please let me know if additional information would be helpful. Thanks!
Re: Easiest way to file a T3 Trust Return
In googling this a bit more, I have a follow up question.
I was looking at this link: https://www.canada.ca/en/revenue-agency ... -2023.html
As I understand it, these would be considered "listed trusts" as they hold no assets (based on 2.3 above). And, thus, looking at 2.1 above I'm wondering if returns are required at all (since no taxes are owed).
Again, help would be appreciated, and please let me know if any additional information is required. Thanks!
I was looking at this link: https://www.canada.ca/en/revenue-agency ... -2023.html
As I understand it, these would be considered "listed trusts" as they hold no assets (based on 2.3 above). And, thus, looking at 2.1 above I'm wondering if returns are required at all (since no taxes are owed).
Again, help would be appreciated, and please let me know if any additional information is required. Thanks!
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horroraround
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Re: Easiest way to file a T3 Trust Return
FLbiker wrote:
> In googling this a bit more, I have a follow up question.
>
> I was looking at this link:
> https://www.canada.ca/en/revenue-agency ... -2023.html https://slice-master.io
>
> As I understand it, these would be considered "listed trusts" as
> they hold no assets (based on 2.3 above). And, thus, looking at 2.1 above
> I'm wondering if returns are required at all (since no taxes are owed).
>
> Again, help would be appreciated, and please let me know if any additional
> information is required. Thanks!
Thank you for your suppport!
> In googling this a bit more, I have a follow up question.
>
> I was looking at this link:
> https://www.canada.ca/en/revenue-agency ... -2023.html https://slice-master.io
>
> As I understand it, these would be considered "listed trusts" as
> they hold no assets (based on 2.3 above). And, thus, looking at 2.1 above
> I'm wondering if returns are required at all (since no taxes are owed).
>
> Again, help would be appreciated, and please let me know if any additional
> information is required. Thanks!
Thank you for your suppport!