Tax tip - Online filing for Trust Income Tax and Information Returns is here!

OTTAWA, Jan. 11, 2018 /CNW/ - Managing a trust can be taxing, but filing your tax return shouldn't be. New this year, trust administrators and their representatives can file a simple T3 Trust Income Tax and Information Return (T3RET) online using the Canada Revenue Agency's (CRA) 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 are $0.00.

Wondering why you should file online? Online filing is:

• Simple – Download the schema or use your software to create and save your return in XML format and send it to the CRA securely over the Internet.
• Secure – Internet File Transfer lets you file original trust forms directly and securely to the CRA.
• Fast – Send your return electronically and get a confirmation of receipt at once. Trust returns submitted online can be processed in as little as 4 weeks!
  

Online filing for simple trust returns is available for 2017 and later tax years. Certain conditions must be met in order to file your trust return online. Find out if your return is eligible for online filing on the How to file a T3 return webpage.

Don't get left behind – get online! Here's how to get started:

1. Download the schema or use your software to create and save your return in XML format. If your file size is more than 150 MB, you may have to submit fewer returns per file.
2. Make sure you have your web access code and your trust account number. If you do not have your web access code, you can get one by going to Online Web access code.
3. To submit electronically, go to Filing information returns electronically and follow the directions on the page.

Online filing for simple trust returns is one of the ways the CRA is delivering on its commitment to improved service to Canadians. Learn more about online filing for simple trust returns on the CRA's How to file a T3 return webpage.

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SOURCE Canada Revenue Agency

CRA Media Relations, 613-948-8366