T3 Tax Form: Trust Income in Canada

What is a T3 tax form?

You receive a T3 Statement of Trust Income Allocations and Designations if you have investment income from mutual funds in non-registered accounts and from certain trusts. In Québec, you receive a relevé 16. The income may come from your own investments or from an estate trust as inheritance tax

What else does the form show?

If you see amounts in box 51 and/or 39, it means that a dividend tax credit is available to you.  

When will I receive my T3 tax slip?

In most cases, you will receive it around March 31. 

What kind of investments are reported on a T3?

T3 slips show income from interest, dividend, and capital gains. All these types of income are taxed at different rates. 

I invested in several mutual funds but I received only one T3. Why?

All the trust income was added together and reported on a single T3 or relevé 16 slip. 

Is income that I reinvested taxable?

Yes it is, even though the income was not paid in cash and was used to buy more units. 

Are there times when I had income but will not get a T3 or a relevé 16?

Mutual fund companies do not issue those slips if the “other income” (usually interest) is less than $50 or if dividends and capital gains are less than $1.00.  

For more detailed information, please click here for the T4013 - T3 Trust Guide.

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