Update On Trust Tax Filings

On March 3, 2025 CRA issued an update on the confusing trust filing requirements for tax year 2024. What’s important to know is that when filing of the T3 return, and the T3SCH15 Beneficial Ownership Information of a Trust form is required, the deadline is coming up soon:  March 31, 2025. 

Will the March 28 Federal Budget further erode Canadians’ accumulated wealth with new taxes, alongside the continued inflationary and interest rate pressures that already have a significant affect? Find out the answers to this and much more at the May 24 Retirement and Estate Planning Update… a CE Summit Hybrid Learning Event, featuring the thought leadership of best-selling authors and educators in Canada. Register now!

There are numerous funding options to help make your professional studies more affordable, including financing available through Knowledge Bureau, funding through each student’s own tax-assisted savings plans, and tax assistance through various CRA tax incentives. However, what can be deducted depends on who you are and what programs you will be involved in.

Help your clients envision their plan for the three stages of retirement based on a holistic, values-based strategy and a consistent process for articulating and measuring a plan to its objectives. This will involve several different approaches to new conversations with clients as you help them set objectives for life, financial and economic milestones after work life. Expand your skillset to help your clients navigate retirement planning with the new CE Savvy™ Collection: Retirement Planning.

The May 1st tax filing deadline is less than 20 days away and tax season is in full swing!  The T1 is not the only tax return due on this day.  The T1135 Foreign Income Verification Statement must be filed and this year, a new tax return has been added.  Thankfully, the filing of the new Underused Housing Tax (UHT) Return for 2022, the UHT-2900, has been postponed to October 31, 2023.  But scheduling a return engagement with affected clients is critical:  the tax casts a wider net than originally anticipated and the penalties are high for failure to file.

With a new minimum tax on the horizon after the last federal budget, business owners may be more interested in discussing ways to protect their future wealth.  A retirement compensation arrangement (RCA) may be a way to do that. Tax and financial advisors may wish to come up to speed to engage clients in more high value advice post tax season. Here’s what you’ll want to know:

There is significant complexity for taxpayers who may qualify to claim both attendant care expenses under the medical expense credit and the disability amount.  CRA has provided an excellent guide to making the best claim for your clients.