Hi,
I filed 1st year T3 trust tax return on Mar 16, 2023. The year-end was Dec 31, 2022. The trust had a capital loss eligible to be applied against capital gains on 2021 T1-final. The trust NOA done Apr 26 all was good. I had filed T1-Adj to adjust the capital loss. However CRA declined T1-Adjustment on the grounds that the trust year end date is Dec 31, whereas death anniversary date is Dec 13, 2022. As per CRA, the trust year-end should be the same as anniversary date.
Has anyone gone through the similar experience of having trust year-end date changed? If yes, could you please share your experience. Also, should I write a letter or should I amend T3.? What’s the best route? Thanks.
When did the capital loss occur in the Trust?
Sorry, I should have been more precise. What was the date of the loss?
If the individual died 2021-12-13, the latest possible year-end for the estate was 2022-12-13. CRA is correct.Did they suggest amending the T3? I would try that.
The reason I asked about the specific date is related to the reply from @keith1. Provided the gain took place on or before Dec 13/22, you should be able to request that the return for December 13, 2022 be allowed to replace the Dec 31/22 T3 on the basis that the latest year end would have been Dec 13/22.