I was forwarded a CRA Twitter that had a link to this page Online filing for Trust Income Tax and Information Returns is coming, “Starting in January 2018, trust administrators and their representatives will be able to file a simple T3 Trust Income Tax and Information Return (T3RET) online”. This will be a wonderful new feature for us to use?
Can we get an update on when TaxCycle will be implementing the Feature?
If it is true, I suspect that they will be one of the first to have it. I am sure it has been @Cameron secret project.
We are working away on it as we speak, we project having it available in early 2018.
~ Rob
That is excellent news!
Reading this, the CRA is saying that the only T3RET permitted would be that the taxable income, taxes payable and the refund/balance due would be NIL. So, that means that most estate T3 returns would not be permitted, unless they are legacy estates. (And most preparers now send out the income to the beneficiaries instead of permitted it to be on the return.)
But the new T3 Returns have to be filed on paper as they have a bill. And the CRA isn’t fast about processing paper T3 returns, so the trustees have to pay interest.
Enough! Rant off…
Once they allow internet filing of T3’s, the restrictions to filing will start to be removed