On April 12, 2024, the CRA issued a release addressing a late-filing penalty that was assessed in error on certain T3 trust income tax returns for 2023. This penalty of $100 or more has been identified on trusts that filed their 2023 returns with T3SCH15, Beneficial Ownership Information of a Trust, after March 30, 2024 and before April 3, 2024. The penalty may have been charged despite the fact that the return and T3SCH15 were filed on time.
If you received this assessment in error and filed the T3SCH15 on time, there is no further action or payment required. The CRA is currently working on reassessing affected accounts to remove the penalty and a notice of reassessment will be issued. Once you receive the notice of reassessment, make sure you confirm the penalty has in fact been removed.
If the reassessment notice does not arrive promptly or you have further questions, please contact your Rise Advisor.
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Rise CPA provides professional accounting, tax and business advice to help you make the right decisions at the right time. Since 1979, we’ve been helping clients create businesses and lifestyles they envision by delivering expert insights and financial guidance. At Rise, we excel at advising business owners and their families in a caring and personal way. Our services cover a wide range of Tax Planning, Auditing, Accounting, Estate Planning, and Business Advisory. Please call (604) 936-4377 or use the online contact form to book an appointment with one of our accounting professionals.
