All About Estates

Do I need to apply for a trust account number?

Attention turns to the filing of T3 trust income tax and information returns with the end of March in sight.  If you are trustee of a new Trust you may wonder if an identification number is required?

Like a social insurance number or a business number, the trust identification number serves as way for the Canada Revenue Agency (CRA) to identify the Trust in its assessments, associate payments received and generally track the filing requirements and adherence thereto.

It is not necessary to apply for a trust account number prior to filing a T3 Return.  The CRA will issue account numbers for all T3 Returns filed, which will appear on the notice of assessment.  If the CRA has assigned an account number to the Trust, enter it in the trust account number space provided on the T3 return. Include this number on all correspondence and payments related to the trust.

If you have not applied for a trust account number prior to filing your return, leave the Trust account number space on the return blank.  If this is the first return filed for the trust, indicate this in the space provided on the return.

Thanks for reading.

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About Derek de Gannes
Derek A. de Gannes: Director, Domestic & International Tax of RSM Canada. RSM Canada is committed to the highest level of integrity, quality and professionalism and provides clients with solutions in the area of Audit, Tax and Transaction Services. Email: derek.degannes@rsmcanada.com

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