Canada Revenue Agency issued a reminder on trust reporting for the 2024 tax year.
The filing deadline for a trust's T3 return is no later than 90 days after the trust's tax year-end. Schedule 15 is also due by that deadline where it applies.
The reminder also addressed capital gains reporting. CRA said it had reverted to administering the currently enacted one-half capital gains inclusion rate.
That means capital gains realized before January 1, 2026 are subject to the enacted one-half inclusion rate unless an exemption applies.
CRA said it was still maintaining Period 1 and Period 2 reporting on the T1 and T3 schedules. Period 1 covers dispositions before June 25, 2024, and Period 2 covers dispositions on or after June 25, 2024.
The trust-reporting point is compliance. Trustees may need to file even where the trust has little activity, and the 90-day deadline can arrive earlier than individual tax-filing deadlines.
The capital-gains point is administrative clarity. CRA's reminder told taxpayers and trustees which inclusion rate it was administering while still preserving schedule detail around the June 25, 2024 date.