Trust Income Tax Calculator – Canada

Here's a table summarizing key information about trust income tax in Canada:

Aspect	Details
Filing Requirements	- Trusts must file T3 Trust Income Tax and Information Return annually for tax years ending after December 30, 202313
	- Includes express trusts resident in Canada and certain non-resident trusts13
	- Bare trusts now required to file12
Deadline	- 90 days after the trust's tax year-end4
	- For calendar year trusts: March 30, 2024 for the 2023 tax year34
New Disclosure Requirements	- Identity and details of trustees, beneficiaries, settlors, and protectors123
	- Name, address, date of birth, jurisdiction of residence, and taxpayer ID number23
Exemptions	- Graduated rate estates (GREs)3
	- Trusts that existed for less than 3 months1
	- Trusts holding less than $50,000 in certain assets12
	- Registered charities, mutual fund trusts, etc.12
Penalties	- 5% of trust property value or $2,500 (whichever is higher) for gross negligence1
	- Late-filing penalty waived for bare trusts for 2023 tax year13
Key Forms	- T3 Trust Income Tax and Information Return4
	- T3 Schedule 15 (Beneficial Ownership Information)23
Residence Rules	- Based on central management and control2
	- Deemed resident rules for certain foreign trusts with Canadian connections2

This table provides a high-level overview of the key aspects of trust income tax in Canada, focusing on the new reporting requirements effective for the 2023 tax year and beyond.