T3 Statement of Trust Income Allocations and Designations – slip information for individuals (2024)

For detailed information on the amounts shown in the boxes of your T3slip, see the corresponding box number below the following image:

T3 slip image
T3 Statement of Trust Income Allocations and Designations – slip information for individuals (1)

Boxes23, 49, 32, 50, 39, and51 – Dividends from Canadian corporations

The amounts you have to report as income are the amounts shown in boxes32 and50. Include the total of these amounts on line12000 of your return. Also, include the amount shown in box32 on line12010 of your return. The federal dividend tax credit to which you are entitled is the total of boxes39 and51. Include this amount on line40425 of your return.

Box21 – Capital gains

Subtract any amount in box30 from the amount in box21. Include the difference on line17600 of Schedule3. All or part of the amount in box21 may be foreign non-business income, which will be footnoted. Include any footnoted amount for foreign non-business income on line43300 of FormT2209, Federal Foreign Tax Credits.

Box30 – Capital gains eligible for deduction

Include the footnoted amounts for qualified small business corporation shares, as well as qualified farm or fishing property on the relevant lines of Schedule3.

Box26 – Other income

Subtract any amount in box31 from the amount in box26. Include the difference on line13000 of your return.

Other information

Box22 – Lump-sum pension income

Include this amount on line13000 of your return. This amount may be transferred to anRRSP orRPP. For more information, see GuideT4040, RRSPs and Other Registered Plans for Retirement.

Box24 - Foreign business income

Include this amount on line13500 of your return and on FormT2209, Federal Foreign Tax Credits.

Box25 - Foreign non-business income

Include this amount on line12100 of your return and on line43300 of FormT2209, Federal Foreign Tax Credits.

Box31 - Qualifying pension income

Include this amount on line11500 and in the calculation for line31400 of your return.

Box33 - Foreign business income tax paid

Include this amount on line4 of FormT2209, Federal Foreign Tax Credits.

Box34 - Foreign non-business income tax paid

Include this amount on line1 of FormT2209, Federal Foreign Tax Credits.

Box35 - Eligible death benefits

This amount is included in box26. You may be able to exclude up to$10,000 from income. For details, see line13000 in the Federal Income Tax Guide.

Box37 - Insurance segregated fund net capital losses

Include this loss on line17600 of Schedule3.

Box38 - Part XII.2 tax credit

Include this amount on line45600 of your return.

Boxes40, 41, and43 – Investment tax credit

Include these amounts on FormT2038(IND), Investment Tax Credit(Individuals). See the statement provided by the trust for information on the code number.

Box42 – Amount resulting in cost base adjustment

This amount represents a distribution or return of capital from the trust. Follow the instructions in the footnote area and adjust the cost base of the property at the end of the tax year. For more information, see Information SheetRC4169, Tax Treatment of Mutual Funds for Individuals.

Box45 - Other credits

For Newfoundland and Labrador, include the footnoted amount on FormT1129, Newfoundland and Labrador Research and Development Tax Credit (Individuals).
For Yukon, include that amount on FormT1232, Yukon Research and Development Tax Credit(Individuals).

Box46 - Pension income qualifying for an eligible annuity for a minor

This amount is already included in box26. For more information, see GuideT4040, RRSPs and Other Registered Plans for Retirement.

Box 47 - Retiring allowance qualifying for transfer to an RPP or RRSP

This amount is already included in box 26. For more information, see Guide T4040, RRSPs and Other Registered Plans for Retirement.

Box48 - Eligible amount of charitable donations

Depending on the type of donation, include this amount on line 33700, 33900, 34000 or34200 of Schedule9.

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T3 Statement of Trust Income Allocations and Designations – slip information for individuals (2024)

FAQs

T3 Statement of Trust Income Allocations and Designations – slip information for individuals? ›

Your T3: Statement of trust income allocations and designations slip shows income allocated to you, as a beneficiary, by a trust (such as a personal or estate trust). You might also receive a T3 if you had investment income from non-mutual funds in non-registered accounts.

What is a T3 statement of trust income allocations and designations slip? ›

What is a T3 tax form and who needs it? The T3 tax form, or the T3 slip, is a form you need to issue to your trust's beneficiaries to report amounts, such as their designated income and credits. In Quebec, beneficiaries receive an RL-16. The T3 slip is important for your trust and also the beneficiaries.

What are T3 documents? ›

What are T3 documents? The T3 data for most medicines must be exchanged at the change of ownership. What the T3 data requires is sending the Transaction History (TH), the Transaction Statement (TS), and the Transaction Information (TI).

What is T3 for? ›

Triiodothyronine (T3) is a thyroid hormone. It plays an important role in the body's control of metabolism (the many processes that control the rate of activity in cells and tissues). A laboratory test can be done to measure the amount of T3 in your blood.

Who should claim T3? ›

A T3 return refers to the tax form package for a trust. It is also known as the T3 Trust Income Tax and Information Return. When an individual passes away, their executor must file a T3 tax return for the trust. A testamentary trust is one that is created because of the death of an individual.

What is the difference between T3 and T5 income? ›

Trusts and corporations have the obligation to issue T3 slips for distributions to beneficiaries and T5 slips for investment income paid.

What does total T3 tell you? ›

Doctors may order the T3 test when a child's symptoms or previous blood tests suggest a thyroid problem. The T3 test is particularly useful in diagnosing hyperthyroidism. In this condition, the thyroid overproduces hormones, causing symptoms such as a fast heart rate, weight loss, trembling, and sweating.

What are the advantages of T3? ›

Specifically, they help control your metabolic rate through influencing systems like your heart rate, blood pressure, body temperate, muscle function, bone health, digestion, and brain development.

What is the reason for T3? ›

High T3 levels (free or total) may mean you have hyperthyroidism (too much thyroid hormone). High T3 levels with: Low TSH and high free T4 levels may mean that a problem with your thyroid gland is causing too much thyroid hormone.

What is the difference between T3 and T5? ›

A T3 slip is issued for mutual fund trusts (which most are) and a T5 slip is issued for corporate class mutual funds.

Is T3 available on PC? ›

T3 Arena is an action game developed by XD Interactive Entertainment. BlueStacks app player is the best PC platform (emulator) to play this Android game on your PC or Mac for an immersive gaming experience! Play T3 Arena on PC and enjoy this action game from the large and gorgeous display on your PC!

Is T3 available on Android? ›

The blockbuster team-based hero shooter ""T3 Arena"" is now available! Enjoy fast-paced, easy-to-learn gameplay in casual & exciting gunfights at the touch of your hands.

What is the tax document for a trust distribution? ›

Reporting Taxable Trust Distributions

When a trust distributes income to one or more beneficiaries, the trust takes a deduction using Form 1041. It then issues a K-1 Trust Distribution Form to each beneficiary. This form shows the amount that was distributed and how much was attributed to income versus principal.

What is the T5008 slip for? ›

T5008 slip image. This information slip reports the amount paid or credited to you for securities you disposed of or redeemed during the year. These transactions may be on account of income or capital. For more information, see Interpretation Bulletin IT-479, Transactions in Securities.

What is trust income distribution deduction? ›

An income distribution deduction is allowed for distributions to beneficiaries. The beneficiary pays income tax on his or her distributive share of income. Interest income. Interest income is equal to the estate or trust's share of all taxable interest income that was received during the tax year.

What tax form is used to report trust income? ›

Form 1041, U.S. Income Tax Return for Estates and TrustsPDF, is used by the fiduciary of a domestic decedent's estate, trust, or bankruptcy estate to report: Income, deductions, gains, losses, etc.

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