Trust and Estate Tax Returns (T3) in Toronto & GTA
At Beta Taxes Professional Corporation, we prepare and file T3 Trust Tax Returns for executors, trustees, and families across Ontario as part of our full Trust and Estate Tax Returns service. Whether you’re closing out an estate, administering a family trust, or filing for the first time after a loss, we handle the CRA reporting so you can focus on the people involved, not the paperwork.
- Estate, family, and testamentary trust returns
- Date-of-death and Graduated Rate Estate filings
- Beneficiary income allocation and T3 slip preparation
- Verified Certified CPAs across Canada
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AFFORDABLE Trust and Estate Tax Return (T3) Services
A T3 Trust Tax Return reports the income earned by an estate or trust — interest, dividends, capital gains, rental income — and how that income is allocated between the trust itself and its beneficiaries. It’s a separate filing from personal tax, with its own deadlines, its own schedules, and its own set of rules that have expanded significantly in recent years, catching arrangements that never had to file before. Whether you’re settling an Estate Tax Return Canada-wide or administering a single family trust here in Ontario, the same deadlines and rules apply.
At Beta Taxes, our Trust Tax Preparation Services are led by certified public accountants who work with executors, trustees, and families across Toronto, Mississauga, Brampton, Vaughan, Etobicoke, Scarborough, Ottawa, Hamilton, Markham, and Windsor to determine what needs to be filed, prepare it correctly, and communicate every step in plain language — not legal or tax jargon delivered at the worst possible time
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Why T3 Filing Needs to Be Done Right the First Time
Administering an estate or trust means stepping into legal and tax obligations most people never had to think about before — often while grieving or managing a family situation that’s already difficult. On top of that, recent changes to the trust reporting rules mean many arrangements that never had to file a T3 before now must, even with no income or activity in the year.
Getting it wrong has real consequences: late-filing penalties, per-slip penalties for missing beneficiary reporting, income allocated incorrectly between the deceased’s final return and the estate’s return, or a capital gain taxed at the wrong rate. Getting it right protects the estate, the beneficiaries, and the executor personally — since executors can carry liability for filings done incorrectly.
Our Trust & Estate Tax Return (T3) Services
Filing Requirement & Deadline Review
- Confirm whether a T3 is required under the current, expanded trust reporting rules
- Determine Graduated Rate Estate eligibility for the first 36 months after death
- Flag every year that needs to be filed, not just the most recent one
- Identify the correct trust year-end and the 90-day filing deadline
Estate & Trust Setup
- Register the trust account number required before filing
- Establish opening asset values at date of death or trust creation
- Confirm the deemed disposition and adjusted cost base for estate assets
- Document executor and trustee reporting obligations from day one
Income Compilation & Classification
- Organize interest, dividend, rental, and capital gain income by source
- Separate pre-death income (final T1) from post-death income (T3 estate return)
- Identify deductible expenses — executor fees, legal, accounting, investment costs
- Build a supporting working file for every figure reported
Tax & Capital Gains Calculation
- Calculate taxable capital gains and apply dividend gross-up and credit correctly
- Apply the capital gains reserve where sale proceeds span multiple years
- Plan around the 21-year deemed disposition rule where relevant
- Decide whether income is best taxed in the trust or allocated to beneficiaries
T3 Preparation & E-Filing
- Prepare the complete T3 return with all required schedules
- Complete beneficial ownership reporting where the expanded rules apply
- E-file through CRA's required electronic channel
- File within the 90-day deadline to avoid late-filing penalties
Beneficiary Slips & Distribution Guidance
- Prepare T3 slips allocating income to each beneficiary
- Preserve the character of allocated income (capital gains, eligible dividends)
- Advise on a reasonable holdback before final distribution
- Recommend a CRA clearance certificate before the estate is wound up
Why Choose Beta Taxes for Trust & Estate Tax Returns
Discovery
A conversation to understand the estate or trust, key dates, and everyone involved — the starting point of our Estate Executor Tax Services
Document Gathering
A clear checklist of statements, legal documents, and prior filings — no guessing what's needed.
Preparation & Review
We prepare the return, the slips, and the allocations, and walk you through it in plain language before anything is filed
Filing & Ongoing Support
We file with CRA once you've approved everything, and stay available for the years that follow if the trust continues.
Serving Trust & Estate Tax Returns Across Ontario & Canada
Wherever the estate or trust is being administered, our CPA team brings the same care to every Estate Tax Return Canada families and trustees file with us: a clear filing determination, accurate income allocation, and full CRA compliance. Meet with us in person at our Ontario office, or connect virtually from anywhere in Canada.
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Industries We Serve With Trust & Estate Tax
testimonials
Our Clients' Results Speak for Themselves
Real success stories from businesses we’ve helped grow.
We Work with Your Preferred Accounting Software 2
I’m a realtor in Canada, and working with Beta Taxes CPA Canada has been a great experience. They have a strong understanding of real estate–specific tax matters, including commissions, expenses, GST/HST implications, and long-term tax planning. Anmol and the team are extremely professional, responsive, and detail-oriented. They not only advised on my tax filing on time, but also provided valuable consultancy to help optimize my tax position and stay compliant. They explain things clearly and genuinely look out for their clients’ best interests.
Milan Bangia
We Work with Your Preferred Accounting Software
I’m a realtor in Canada, and working with Beta Taxes CPA Canada has been a great experience. They have a strong understanding of real estate–specific tax matters, including commissions, expenses, GST/HST implications, and long-term tax planning. Anmol and the team are extremely professional, responsive, and detail-oriented. They not only advised on my tax filing on time, but also provided valuable consultancy to help optimize my tax position and stay compliant. They explain things clearly and genuinely look out for their clients’ best interests.
Milan Bangia
FAQ’s
Frequently Asked Questions
What's included in year-end financial statements preparation?
Review the trial balance, adjustment entries when necessary, and completion of financial statements – balance sheet, income statement, and notes - according to the current CPA Canada standard.
My bank requested "Notice to Reader". Are these different from what you prepare?
No – "Notice to Reader" is the outdated term, the current term is compilation engagement, however, many banks and lenders ask for it under its old name. We provide financial statements that comply with either standard.
Do I need financial statements if I am not requesting a loan from my bank?
Yes – accurate year-end statements will serve as a basis for your corporate tax filing and will show true performance of your business rather than only numbers.
Can you prepare financial statements for several corporations that belong to my group of companies?
Yes – we prepare individual financial statements for each of your entities as well as consolidation if required by your structure.
How does it differ from your Corporate Tax Filing service?
Financial statements precede Corporate Tax Filing and are integrated directly into the T2 return – they are a base upon which your T2 is being filed, not a separate service.
What do you require from me to prepare my year-end statements?
Your bookkeeping files, bank and credit card statements, and any documents related to loans or leases that provide for certain format specifications. Anything else will depend on your case
How much time will it take to prepare year-end financial statements?
It will vary depending on the condition of your bookkeeping system. Provided you have an up-to-date bookkeeping system, your statements should be ready within a couple of weeks. However, if you need to rebuild your bookkeeping system first, it may take more time.
Will my year-end statements be acceptable to my bank or other lending institution?
Year-end statements prepared in accordance with current compilation engagement standards are those statements Canadian lenders usually require. However, we can prepare statements in a form required by a particular lending institution if you let us know in advance.
Can you prepare interim statements rather than only year-end ones?
Yes, of course. If your lender, business partner or yourself needs a mid-year statement, we can prepare them in accordance with the same criteria used to prepare year-end statements.
Do you prepare statements and file taxes, or only one of those things?
We do both since this is the point – one company prepares your statements and files your return so the numbers will definitely coincide.
SCHEDULE AN INTRO CALL
Your Dedicated Accounting Partner Is Just a Call Away
Each business has its own unique financial goals and the best accounting strategy is based on understanding the goals. If you’re in need of continuous support in accounting including bookkeeping, tax planning and payroll management, or business consulting services Our team is ready to assist.
In your initial call we’ll use the opportunity to understand your business as well as discuss the current challenges you face in accounting and suggest solutions that are tailored to your specific needs. You’ll get a better picture of how we will assist you in achieving financial success by providing clear communication, practical guidance and consistent, year-round service.
- Talk about your accounting and tax requirements
- Receive personalised recommendations based on your company's goals
- Find out more about our accounting process and service options
- What’s your budget?
