Help to complete a T3 Trust return

I am new to T3 Trust returns.  I have a client who passed away.  He has a will that has already passed through probate. All I have for information is a copy of the will that lists the assets and beneficiaries.  Can I complete this T3 Trust return using the information in the Will or do I have to wait for T slips.

Answer

Hello,

 

Welcome to the world of Trust returns.

I would recommend starting off with the CRA trust guide here the CRA trust guide here.  There is a great table that reviews the different type of trusts. Other key questions are addressed like: who should file, when to file, what to file, restrictions, and review of specific forms and schedules.

Another key guide is Preparing Returns for Deceased. 

And 

What to do following death:

 

After that I would recommend to learn the flow in ProFile for trust returns. Like how to allocate income between the trust and beneficiaries. We have a T3 section in the user guide which can be accessed via Help in ProFile-> User guide and https://profile-en.community.intuit.ca/articles/1625917-data-entry-and-flow-in-profile-t3 . I would also recommend our new teachable course here: https://learnprofile.teachable.com/

 

As for the question regarding Income (tslips for the trust return). There are multiple forms where you can report income for the trust (see screenshot attached). Once the income is entered, then you can complete allocation to the beneficiary (and issues t-slips from the trust) or leave the income to be taxable to the trust. Please see if this applies to your case and call in if any further questions regarding flow of information on Trust returns in ProFile.

 

 


Was this answer helpful? Yes No
Original
shams , Monsieur
Moderator

No answers have been posted

More Actions

People come to ProFile for help and answers—we want to let them know that we're here to listen and share our knowledge. We do that with the style and format of our responses. Here are five guidelines:

  1. Keep it conversational. When answering questions, write like you speak. Imagine you're explaining something to a trusted friend, using simple, everyday language. Avoid jargon and technical terms when possible. When no other word will do, explain technical terms in plain English.
  2. Be clear and state the answer right up front. Ask yourself what specific information the person really needs and then provide it. Stick to the topic and avoid unnecessary details. Break information down into a numbered or bulleted list and highlight the most important details in bold.
  3. Be concise. Aim for no more than two short sentences in a paragraph, and try to keep paragraphs to two lines. A wall of text can look intimidating and many won't read it, so break it up. It's okay to link to other resources for more details, but avoid giving answers that contain little more than a link.
  4. Be a good listener. When people post very general questions, take a second to try to understand what they're really looking for. Then, provide a response that guides them to the best possible outcome.
  5. Be encouraging and positive. Look for ways to eliminate uncertainty by anticipating people's concerns. Make it apparent that we really like helping them achieve positive outcomes.

Select a file to attach: