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CRA Charged Late-Filing Penalty Error for Trusts

April 26, 2024

The Canada Revenue Agency (CRA) has identified that some trusts that filed their 2023 returns with T3SCH15, Beneficial Ownership Information of a Trust, have been charged a penalty of $100 or more in error.

Trusts that were filed after March 30, 2024, and before April 3, 2024, may have received a penalty for a late-filed T3SCH15 even though the return and T3SHC15 were filed on time.

The CRA is currently working on reassessing the affected accounts and will be issuing a corrective Notice of Reassessment to those impacted.

If you received this assessment in error and filed the T3SCH15 on time, there is no further action or payment required.

Should you have any questions or concerns, please do not hesitate to contact our office by phone or email at info@empirecpa.ca.

Canadian and foreign tax laws are complex and have a tendency to change on a frequent basis. As such, the content published above is believed to be accurate as of the date of this post. Before implementing any tax planning, please seek professional advice from a qualified tax professional. Empire, Chartered Professional Accountants will not accept any liability for any tax ramifications that may result from acting based on the information contained above.

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