T3 Slip - Statement of Trust Income Allocations and Designations

The information on BENEF updates to the T3S form for all beneficiaries, whether resident or non-resident. However, T3 slips will print only for resident beneficiaries (e.g. "This slip to be printed?" is set to "N" for non-residents). For non-resident beneficiaries, the T3S amounts update to the NR4 slip, which prints instead.

Note that the printing of a T3 slip is suppressed if less than $100 was allocated to the beneficiary and it was all interest income. On the tax preparer profile you can adjust this cut-off amount or disable the suppression feature altogether.

Certain boxes on the T3 slip may require a footnote (e.g. the foreign capital gains included in Box 21). These footnotes are included automatically and can be seen at the bottom of the T3S form (if any are relevant).

Note that capital gains shown on the BENEF and ELBEN forms are taxable capital gains and those reported on the T3 slip are actual capital gains. This is simply a Canada Revenue Agency reporting requirement.

The following instructions are taken from the form.

How to complete this form

You can use this form to file your return electronically or on paper. For more information on how to complete this slip, see Guide T4013, T3 – Trust Guide.

Filing on paper

You have to prepare one copy for the Canada Revenue Agency (CRA) and give two separate copies to the beneficiary. Also, you may want a copy for your records. Include the CRA copy with the T3 return and T3 Summary. For three beneficiaries, use one sheet.

Electronic filing

If you file your T3 slips online, you can choose one of these formats:

  • Internet file transfer (XML)
  • Web Forms

For more information about filing electronically, go to canada.ca/taxes-iref.

See the privacy notice on your return.