Fundamentals of Filing Trust Returns
Categories: Tax Planning
Your Instructors: Walter Harder
PROGRAM: Tax Services Specialist
CONTENT DESCRIPTION AND KEY CONCEPTS:
This course 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. Case studies include the filing of trust returns, slips, and slip summaries for trusts.
The students will also learn how to optimize taxes payable on income earned by at trust by choosing to pay the taxes through the trust or allocating income to beneficiaries and having them pay the taxes on those allocations.
The Trust Tax Estimator tool, provided with this course, will help you to minimize taxes on trust income. This tool will allow you to determine whether the trust or beneficiary will pay more taxes on allocated income so that tax can be paid by the trust before allocation 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.
A mark of 60% is required to pass the course. All students who pass the course will receive a certificate. Students who receive a mark of 90% or better will receive a gold Honours bar on their certificate.
Additional Resources :
EverGreen Explanatory Notes
Knowledge Bureau Calculators:
• Trust Tax Estimator
• Income Tax Estimator
• TaxCycle T3
• ProFile T3