The Canada Revenue Agency (CRA) has announced a new system that allows trust administrators and their representatives to file a simple T3 Trust Income Tax and Information Return online using the CRA's secure Internet file transfer service.
A simple or "NIL" return means that a trust's taxable income, total taxes payable, and refund or balance owing is zero dollars, the CRA says in a news release.
The CRA recommends trust administrators and their representatives start filing online because it's a much simpler and faster process. The filing system is available for 2017 and later tax years.
Here is how users can get started:
1. Download the schema or use software to create and save a return in XML format. If the file size is more than 150 MB, it's better to submit fewer returns per file.
2. Users must ensure their web access code and trust account number is on hand. Web access codes can be acquired on the CRA website.
3. Submit electronically on the "Filing information returns electronically" page on the CRA website.
"Online filing for simple trust returns is one of the ways the CRA is delivering on its commitment to improved service to Canadians," the CRA says.
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