Don’t Forget The T3’s!

Are you a Canadian resident who also has an obligation to file in the US?  Before you send in your US taxes to meet the April 15th filing deadline, make sure to remember there is still one more tax slip on its way.

If you are set to receive a T3 for a Canadian trust, you have a little more time that your dual-filing counterparts.

T3 slips, otherwise known as the Statement of Trust Allocation and Designations (RL16 for Quebec residents), are being prepared and mailed – copies to the CRA – by the end of March.

A T3 slip reports how much income you received from investment in mutual funds in non-registered accounts, from business income trusts or income from an estate for a given tax year.

If you have not received your T3 tax slip – get in touch with the relevant financial administrator or trustee but make sure to file your income tax return by the deadline anyway to avoid late filing penalties.

You can find more information from the CRA website, here.

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Change to the Dividend Tax Credit Rate – MRQ

Further to an announcement made by the Québec Minister of Finance, the rate of the dividend tax credit will be modified for the 2010 taxation year.

The current rate of 17.255% will be reduced to 17.136%. This change will affect the RL-3 slip (box C), the RL-15 slip (box 44), the RL-16 slip (box J) and the RL-25 slip (box G).

The new rate must be taken into account for certification purposes, and in the production of the slips concerned for 2010.

Is anyone tracking this?

I’m looking for confirmation that it still is a go.