cancel
Showing results for 
Search instead for 
Did you mean: 
Announcements
Created with Sketch. Register for our live webinar to learn more about the ProFile TY20 Release Notes.
Highlighted
Level 1

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.

1 Comment
Highlighted
Level 2

Help to complete a T3 Trust return

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.