US & Canada Tax
Lily Lo CPA Professional corporation
trust tax planning
For a Trust return your filing due date depends on the trust's tax year-end. In one calendar year, you have to file a trust return, the related trust slips, NR4 slips, and NR4 summaries no later than 90 days after the trust’s tax year-end. You should also pay any balance owing no later than 90 days after that year-end.
For mutual fund trusts that filed an election to have a tax year-end of December 15, and the pre-loss restriction event year-end is after December 15 in a calendar year, the NR4 slip must be filed no later than 90 days after the end of that year. In any other case, the NR4 slip must be filed no later than 90 days after the end of the calendar year in which the pre-loss restriction event ends.
Deadline for distributing T3 slips
You must send T3 slips to the beneficiary’s last known address no later than 90 days after the end of a trust’s tax year. If you have the information you need to complete the slips before that deadline, we encourage you to send them to the beneficiaries as early as possible.
For a testamentary trust that is a graduated rate estate, you have to file the final T3 return and pay any balance owing no later than 90 days after the trust’s wind-up (discontinuation) date. Enter the wind-up date on page 1 of the return.
If you wind up a graduated rate estate, the tax year will end on the date of the final distribution of the assets. If you wind up an inter vivos trust or a testamentary trust (other than a graduated rate estate), you have to file the final T3 return and pay any balance owing no later than 90 days after the trust’s tax year-end. However, you may want to file the final return before that time. In either case, you should get a clearance certificate before you distribute trust property.