T3 (Statement of Trust Income Allocations and Designations)

T3 (Statement of Trust Income Allocations and Designations)

A Canadian T3 tax slip, or Statement of Trust Income Allocations and Designations, is prepared and issued by financial administrators and trustees to tell you and the Canada Revenue Agency (CRA) 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.

Quebec residents receive the equivalent Relevé 16 or R16 tax slip.

Deadline for T3 Tax Slips

Unlike most other tax slips, T3 tax slips do not have to be mailed until the last day of March the year after the calendar year to which the T3 tax slips apply.

Sample T3 Tax Slip

Canadian Tax Form T3 2018. Canadian Revenue Agency

The Canadian government creates a new T3 each year, so be sure your advisor downloads the most recent form. That site includes a standard pdf version of the form that the financial administrator of your trustee can print and fill out; and an electronic version that allows him or her to fill it out online. The sample T3 tax slip from the CRA above is from the 2018 tax year and shows you what to expect.

The information required for this form includes your recipient identification number (social insurance number or business number), the cash amount of income from dividends you will need to report, capital gains, capital gains which are eligible for a deduction, and any other income. Most of that will come from your relevant financial administrator per trust or mutual fund. See the second page of the downloaded PDF form for more information on what is included in each box.

Filing T3 Tax Slips With Your Income Tax Return

When you file a paper income tax return, include copies of each of the T3 tax slips you receive. If you file your income tax return using NETFILE or EFILE, keep copies of your T3 tax slips with your records for six years in case the CRA asks to see them.

If you decide to file your T3 slips online, you can use either Internet file transfer (XML) or web forms. Details on that process are available on the Canadian Revenue Agency website, Filing Information Returns Electronically.

Missing T3 Tax Slips

If you have trust or mutual funds income and haven't received a T3 tax slip as you reach the CRA filing date, get in touch with the relevant financial administrator or trustee. If necessary, file your income tax return by the deadline anyway to avoid penalties for filing your income taxes late. Calculate the income and any related deductions and credits as closely as you can using any information you have. Include a note with the name and address of the financial administrator or trustee, the type and amount of trust or mutual funds income and related deductions, and what you have done to get a copy of the missing T3 tax slip. Include copies of any statements you used in calculating the income and deductions for the missing T3 tax slip.

Other Tax Information Slips

Other tax information slips include:

  • T4 - Statement of Remuneration Paid
  • T4A - Statement of Pension, Retirement, Annuity, and Other Income
  • T4A(OAS) - Statement of Old Age Security
  • T4A(P) - Statement of Canada Pension Plan Benefits
  • T4E - Statement of Employment Insurance and Other Benefits
  • T4RSP - Statement of RRSP Income
  • T5 - Statement of Investment Income