Investors and Executors:  T3 Slip Deadline is March 31

With recent changes to the taxation of trusts, more beneficiaries may find themselves reporting trust income personally, when they are in a lower tax bracket than the trust itself. Executors, too, need to be informed about the best planning strategies. For these reasons, tax advisors must prepare themselves to answer questions about trust filing and planning.

Knowledge Bureau has two certificate courses that can come to the rescue:  the T3 Tax Preparation Course and the Use of Trusts in Tax and Estate Planning .  Until March 31, a special tuition offer of $995 for the two courses is available. That’s a saving of 37%.

The T3 tax filing course prepares the student to file T3 returns professionally. It introduces the types of trust that may be created in Canada and how each of them is taxed. Students will learn how to prepare T3 returns as part of the case-study exercises in the course. In the process, students will learn how to optimize taxes payable on income earned by a trust, either choosing to pay the taxes through the trust or allocating income to beneficiaries and having them pay the taxes on those allocations, depending on the circumstances.

The Trust Tax Estimator tool, provided with this course, will help you to minimize taxes on trust income. This tool will allow you to quickly determine the taxes that will be paid by the trust and therefore whether the beneficiary will pay more taxes on allocated income so that tax can be paid by the trust before distribution if the beneficiary would have to pay more tax than the trust.

Upon completion of this course, students will be familiar with the taxation of various trusts and be able to prepare T3 trust returns and prepare T3 slips for beneficiaries. Comprehensive coverage includes:

1. Introduction to Trusts

• What is a Trust?
• Obligations of the Trustee/Executor
• Trust Tax Basics
• Testamentary Trusts
• Graduated Rate Estates
• Inter Vivos Trusts
• Specific Types of Trusts

2. The T3 Return

• Filing Requirements
• Taxation Year
• Deadlines
• Structure of the Return
• Other Related Forms

3. Identification

• Introduction
• Residency
• Name of Trust
• Contact Information
• Account Number
• Province Business Income Earned In
• Type of Trusts
• Trust Year
• Foreign Asset Reporting

4. Income of the Trust

• Introduction
• CPP Death Benefit
• Investment Income
• Pensions
• Proprietorship, Farming, and Fishing Income
• Other Income
• Attribution

5. Deductions

• Investment Expenses
• Trustee Fees
• Other deductions
• Taxable Benefits to Beneficiaries
• Allocated Dividends
• Net Income
• Deductions from Net Income

6. Dealing with Losses

• Capital Losses
• Business Investment Losses
• Non-capital Losses
• Loss carryovers

7. Allocation of Trust Income

• Preferred beneficiary election
• Allocating Income on Schedule 9
• T3 slips and Summary

8. Calculation of Tax and Credits

• Federal Tax
• Provincial Tax

9. Filing

• Filing Information Slips
• Filing the T3 Return
• Adjusting T3 Returns
• Late Filing Consequences

10. Special Trusts

• Charitable Remainder Trusts
• Alter Ego Trusts
• Spouse Trusts

Additional resources included with the course at no extra charge include personalized support from knowledgeable instructors dedicated to your success, the online research library, EverGreen Explanatory Notes and access to the Knowledge Bureau’s Trust Tax Estimator.

In addition, students have access to student versions of professional tax software (TaxCycle T3 and ProFile T3) to do their true-to-life case studies—online training that is immediately implementable in the tax and financial services industries.

A mark of 60% is required to pass the Knowledge Bureau courses. All students who pass the course will receive a certificate and students who receive a mark of 90% or better will receive a gold Honours bar on their certificate, indicating excellence in their financial education.

For more information and a personal consultation please contact Knowledge Bureau at 1-866-953-4769 and enrol risk free by taking a free trial of each course: T3 Tax Preparation Course and Use of Trusts in Tax and Estate Planning.

Refer a Friend	Research	Calculators	Course Trials