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Public Trust T3 Postings - March 1, 2013 Deadline - by Mohammad Nadeem and Percy Tam 

Canadian Tax Adviser

 

February 12, 2013

 

Mohammad Nadeem
GTA, Canadian Corporate Tax

 

Percy Tam
GVA, Canadian Corporate Tax

 

Business income trusts, resource trusts and real estate income trusts (REITs), collectively "Public Trusts", are required to post their T3 tax reporting information for unitholders on the Canadian Depository for Securities (CDS) website within 60 days of the end of the calendar year (or 67 days for publicly traded trusts that invest in other publicly traded trusts, partnerships or corporations) as stipulated in Regulation 204.1(3). As such, the deadline for 2012 information is Friday, March 1, 2013.

Public Trusts are also required, under Regulation 204.1(2), to notify the CRA in writing when the prescribed form has been posted. The due date for this notification is the same as the due date for the CDS reporting, i.e., March 1, 2013. A penalty of the greater of $100 or $25 per day to a maximum of $2,500 applies for non-compliance and has traditionally been imposed under subsection 162(7). Now, subsection 162(7.01) will apply a penalty based on the number of information returns filed late, to a maximum of $7,500.

 

For more information, contact your KPMG adviser.

 

 

 

 

Information is current to February 12, 2013. The information contained in this publication is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavour to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act upon such information without appropriate professional advice after a thorough examination of the particular situation. For more information, contact KPMG's National Tax Centre at 416.777.8500

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