More T3 Updates

On March 15 and 16, 2022, CPA Canada made blog posts about their recent communications with CRA regarding T3 filings. They include:

  • Additional notes required to be submitted with the T3 as a result of questions 1, 3, 4, 6, 7, 8 and 9 will now only have to be retained by the taxpayer in their records in the event the CRA asks to see them at a later date.

  • “In this transition year, the CRA will not assess the penalty for tax preparers who are liable to the penalty solely as a result of the proposed reduction of the threshold from 10 to 5 returns or the removal of the exemption for trust returns.” (Subsections 150.1(2.2) and (2.3))