With most tax preparers now working full tilt to meet income tax filing deadlines, Chartered Professional Accountants of Canada (CPA Canada) is reluctant to impose on members’ time. However, at a time when this issue maybe top of mind for you, we are seeking input to build support to encourage Canada Revenue Agency (CRA) and the Department of Finance to find a solution to a persistent irritant: the problem with T3 filing deadlines.\nThe problem stems from the fact that many personal trusts are themselves investors in other trusts, such as mutual fund trusts. The due date for the receipt of these T3 information slips is the same date as the due date for the T3 personal trust return.\nI think this situation makes the proper filing of the T3 trust return impractical in many circumstances and adds to the administrative burden for taxpayers, tax preparers and CRA alike. I also expect this issue will become more pronounced in the future when testamentary trusts switch to a calendar year taxation year.\nIn order to demonstrate to CRA and the Department of Finance the impact on the timely and accurate filing of many T3s, we are looking for practitioners to respond to this blog with their confirmation that this is truly a problem.\nOnce CRA and Finance are aware of the extent of this problem, we will work with them to resolve the issue.\nJoin in the conversation\nHave you or your clients experienced compliance hurdles related to the current T3 income reporting deadlines? Do you expect issues in the future with testamentary trusts?\nPost a comment below.\nConversations about Tax is designed to create an exchange of ideas on tax policy and practice developments and issues and their impact on Canadian accountants who practice tax. Comments received can provide helpful input to the public interest advocacy positions developed by the Chartered Professional Accountants of Canada.