Major Enhancements to T3 E-File trust return processes

Major Enhancements to T3 E-File trust return processes

Rules are Changing and CRA is finally modernizing its systems for T3 returns. The changes will be rolled out over the next few years. Online registration for trust account numbers is available on CRA’s My Business Account and Represent a Client (RAC). T3 electronic filing for certain T3 return types is available now and it will be expanded for the 2023 Tax season.

TaxTron has a T3 Web product for professional Users that is reasonably priced compared to competitors.

There will be other major enhancements to the T3 processes including access to T3 accounts using RAC and E Docs. This is Great News for all Tax Preparers.

When the CRA has the capability to receive and process T3 returns electronically, they will be able to analyze and assess T3 information more quickly.

Takeaways and what to watch out for ?

Baby Boomers are aging and the current CRA processes are antiquated. There is an expected increase in T3 returns due to the New Rules for Trusts.

Accountants who are not familiar with the Trust Rules and regulations should take steps to get familiarized now by taking the Softron T3 Tax Preparation Course. There are major penalties for non compliance and non reporting of the new beneficial ownership details.

CRA is going to increase the transparency and scrutiny of T3 returns going forward. It's time for Tax Preparers to get ready to meet the new Challenges.