HI
For our non ‘bare trusts’ should we preparing sch 15 as it is part of return?
thanks
My understanding is provided they are not a “listed trust” they must still file the Schedule 15. The only relief was that “Bare Trusts” are not required to file a T3 return for 2023.
that makes sense as well because details for s15 for existing trust are not ‘muddled’
thank you
Note that ALL Beneficiaries (including unnamed and unlikely ones) must be disclosed “where reasonable efforts to identify them” can be made.
Personally, I’m only reporting first and second-level beneficiaries…mostly direct children and g’kids…past that…uh…no. Just. No. Someone else can add 'em if they ever become more likely beneficiaries.
Note also that the tilde (~) doesn’t work in T3/S15. It’s an enormous pain (esp in Alter Ego or Joint Partner Trusts where all info is the same).
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Tilde (~) doesn’t work for me either in T3/S15 and beneficiary schedule.
What about a GRE trust (carried forward - haven’t got any new ones), TC is not prompting me for S15 info?
According to the Canada Revenue Agency’s publications “listed trusts” are not required to include Schedule 15 with their T3 return. Graduated Rate Estates are considered to be a “listed trust” by virtue of paragraph 150(1.2)(j).
Except for listed trusts, generally every trust that is required to file a T3 Return is required to provide the additional beneficial ownership information by completing the new Schedule 15 which is a part of the T3 Return package.
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I don’t understand why we have to report anything beyond first level beneficiaries. I have a spousal trust and by definition, only the spouse can be a beneficiary. If we start reporting second and third level beneficiaries, doesn’t that cause some confusion? I wouldn’t want to compromise the trust. There’s no way of indicating first, second, third, fourth…. Unless I missed it.
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Well, to start with, that is CRA’s stated requirement. Yes, it’s complete overkill. But they “want” FULL disclosure of all current or potential beneficiaries. They can continue to “want” IMO.
Yes it’s overkill and the interpretation is completely unclear. By definition, a spousal trust has one beneficiary and that’s the spouse. Upon death of said spouse, the trust is dissolved. So technically there is no second or third beneficiary. This legislation is garbage. The whole thing should be scraped and re-written. The very thought of naming unborn children on a tax return is ridiculous beyond belief.
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