Release Notes
About Taxprep for Trusts 2025 v.3.0
Taxprep for Trusts 2025 v.3.0 contains the most recent versions of Forms T3-ADJ, T3 Adjustment request (Jump Code: T3ADJ), T3-DD, Direct Deposit Request for T3 (Jump Code: T3DD) and T776, Statement of Real Estate Rentals (Jump Code: 776).
Essential Program Information
This version covers taxation years ending between January 1, 2024, and December 31, 2025, inclusive.
The rates applicable to the 2024 taxation year are those known as of May 16, 2025. Any changes resulting from subsequent federal, provincial and territorial announcements will be integrated into future updates of the program.
You can view the applicable rates by accessing the Table of Values Used in the Return found in the program (Jump Code: RATES FED-PROV).
Version 3.0 Content
Version 3.0 – Updated Forms
Federal
S9 Suppl., Allocation of Expenses Against Types of Income (Jump Code: 9SUP)
To allocate non-deductible or add-back amounts of interest and financing expenses to beneficiaries, the amount on line 11 of the T3 return (Jump Code: J) has been added to the total on the Other income line in the Income reported column of the Expense allocation workchart section. Thus, the amount will be included in box 26 of the T3 slip (Jump Code: T3SLIP).
T3-ADJ, T3 Adjustment Request (Jump Code: T3ADJ)
The list of line numbers from returns and schedules has been updated to include lines added to the T3 (Jump Code: J) and T3-RCA (Jump Code: T3RCA) returns. Lines 12, 547, 80, 881, 11101, 11102, 6022, 6023 and 6024 can now be selected from that list.
T3-DD, Direct Deposit Request for T3 (Jump Code: T3DD)
The list of banking institution numbers has been updated and codes 286, 544 and 604 have been removed. If a withdrawn code has been entered in box 351 of the form, it will be deleted. In all circumstances, it is advisable to validate the banking information before filing this form.
TX19, Asking for a Clearance Certificate (Jump Code: TX19)
The tax services address for regional code 03 (Ontario and Nunavut) has changed. Send your certificate to the following address:
GTA East TSO
Audit – Clearance Certificates
Post Office Box 20000, Station A, Sudbury ON P3A 5C1
T776, Statement of Real Estate Rentals (Jump Code: 776)
Effective January 1, 2024, if a residential property is rented or offered for rent for less than 90 consecutive days, it is considered a short-term rental, and new tax rules apply to rental expenses.
If the rental property is located in a province or a municipality that, as the case may be:
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does not allow the short-term rental to be operated at its location
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requires registration, a licence or a permit to operate the short-term rental, and the short-term rental does not meet this requirement
The short-term rental will then be considered to be non-compliant, and rental expenses will not be deductible against rental income.
Form T776 has been modified to enter short-term rental income and expenses and to calculate non-compliant expenses.
For 2024, Revenu Québec has partially harmonized with the federal government; the differences are as follows:
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short-term rental non-compliance will only be determined under the registration requirements of Québec legislation;
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a short-term rental refers to a residential building located in Québec and available for rent for a period not exceeding 31 days.
Revenu Québec is not planning to modify Form TP-128.F (Jump Code: Q128F) to incorporate these tax changes. Adjustments will need to be made on Form TP-128.F when non-compliant rental expenses are entered on Form T776. A diagnostic has been added to notify you when changes must be made to Form TP-128.F.
Québec
QC OID, Other Income and Deductions (Jump Code: QOID)
According to the Information Bulletin 2022-4 published on June 9, 2022, by the Ministère des Finances du Québec, Québec’s tax legislation will be amended to incorporate the interest deductibility limitation measure. Thus, in Part 07, Other income, of the Other income (line 61) section of the form, a line has been added to include non-deductible or add-back amounts of interest and financing expenses, as reported on line 11 of the T3 return (Jump Code: J). Similarly, in Part 06, Other deductions, of the Other deductions for computing taxable income (line 94) section, a line has been added to deduct amounts for restricted interest and financing expenses of other years, as reported on line 42 of the T3 return. Please note that the amounts on these lines are taken from the federal T3 return and are calculated according to federal tax legislation. By the time you complete the TP-646 return (Jump Code: Q), Québec’s tax legislation may have been amended and differ from the Income Tax Act.
TP-646, Trust Income Tax Return (Jump Code: Q)
At question 32, it is now possible to enter more than two rows. If entering more than two rows is necessary, the additional rows will be presented in a table at the end of the return when printed. Only the information from the first two rows will be reported in the Keying summary for the trust income tax return (Jump Code: QW1).
Alberta
T3AB, Alberta Tax (Jump Code: T3AB); and
T3MJ-AB, Provincial Tax (Multiple Jurisdictions) – Alberta Tax (Jump Code: MJ AB)
In its February 27, 2025, budget, the Government of Alberta has announced that the introduction of a tax bracket for the first $60,000 of taxable income would be moved up to the 2025 year. Therefore, taxable income less than or equal to $60,000 from graduated rate estates (GRE) and qualified disability trusts (QDT) will be taxed at a rate of 8%.
Version 3.0 – Corrected Calculations
The following problems have been corrected in this version:
Version 2.1 – Updated Forms
TP-776.42.F, Alternative Minimum Tax of a Trust (Jump Code: Q776.42F)
Version 2023-10 of Form TP-776.42.F has been added back to the program. Graduated rate estates with a taxation year beginning in 2023 should use this version of the form when filing their 2024 tax return.
If you have completed this form with a previous version of the program, it is recommended that you review the content before filing it.
Version 2.0 Content
Version 2.0 – Updated Forms
Changes to the capital gains inclusion rate
Following the announcement that the changes to the capital gains inclusion rate would take effect on January 1, 2026, instead of June 24, 2024, the CRA and Revenu Québec have republished several forms to bring back the inclusion rate to one-half for the entire year. Here is a list of the forms that have been modified:
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Schedule 1
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T1055
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Losses
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TP-646
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TP-646.A
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TP-646.A.1
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TP-772
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TP-776.42.F
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QC Losses
Federal
EFILE, Electronic filing of returns
Following the federal government's announcement that the date on which the capital gains inclusion rate would increase from one-half to two-thirds had been postponed, significant changes had to be made to most schedules, leaving very little time to software developers to proceed with the certification of the changes. As late-filing penalty relief does not apply to returns that are not affected by the changes relating to capital gains, the electronic filing of these returns has been prioritized.
All returns that are affected by the changes relating to capital gains and that must include Schedule 1 will not be eligible for electronic filing in the current version. As soon as the electronic transmission of Schedule 1 is approved, we will provide a new version of the program. It is still possible to paper file returns that include Schedule 1.
Electronic filing of Form T1135 for trusts only
The electronic transmission of Form T1135 is available in this version.
The program is offering the electronic transmission of Form T1135 for trusts only. You must have an EFILE number and a password to transmit this form.
To transmit Form T1135, click General and Specialized Returns in the Transmission menu, then select the T1135 checkbox in the Transmit dialog box. When the EFILE status of Form T1135 is Eligible, the checkbox will be automatically selected in the Transmit dialog box. However, if the EFILE status is Not eligible, the checkbox will not be selected.
Identification, Trust Identification and Other Information (Jump Code: ID)
The following trust types have been added to the Type of trust drop-down list:
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341, Employee ownership trust
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343, Blind irrevocable trust
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344, Canadian wheat board trust
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345, Indian residential schools day scholars’ trust
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348, Investment fund (subparagraph 127.55(f)(ii)) trust
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349, Subparagraph 127.55(f)(iii) trust
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350, First Nations child and family services trust
T3, Trust Income Tax and Information Return (Jump Code: J)
Following the addition of lines in the previous version of the program, the CRA has reversed its decision to add lines 13 and 55 to the return. As requested by the CRA, these lines are presented without amounts or cells with the note For future use by the CRA.
T3RI, Registered Investment Income Tax Return (Jump Code: T3RI)
In Area A of Schedule 2 of the return, column (c), which multiplied the amounts in column (b) by 1%, has been removed. The calculations are similar, as the total amount in column (f) is now multiplied by 1% before being used for the calculations of line 120.
Schedule 1, Dispositions of Capital Property (Jump Code: 1)
Line 1710 regarding the election under paragraph 104(21.4)(d) or under one of subsections 104(21.5) or 138.1(3.2) ITA has been removed. The custom lines Gifts – Line 3 of Part 1, T3SCH1A and Gifts – Line 3 of Part 2, T3SCH1A have been respectively added to the Real estate, depreciable property and other properties table in Parts 1 (Period 1) and 2 (Period 2). The amounts on these lines correspond respectively to the sum of lines 3 and 1562 in Part 1 and lines 3 and 1532 in Part 2 of Schedule 1A (Jump Code: 1A).
In Part 4, lines 25 to 43 that were used to calculate the capital gain inclusion rate for a taxation year beginning before June 25, 2024, and ending after June 24, 2024, and those used to calculate the capital gain at the 2/3 inclusion rate have been removed. Line 24A, Total of amounts from boxes 1756 and 1656 from line 24, is now multiplied by the trust's inclusion rate on line 25 to arrive at the taxable capital gain or net capital loss on line 26. Section 2 has also been entirely removed.
When opening a client file prepared with a previous version of Taxprep for Trusts, the amounts entered on the removed lines are not retained. In addition, when the answer to line 1710 is Yes, the data entered in the tables of the custom part Data entry for the election under paragraph 104(21.4)(d) or subsection 104(21.5) or 138.1(3.2) is retained in the corresponding tables of Part 1 for Period 1. If such is the case, we invite you to correctly allocate the dispositions between Periods 1 and 2. In all cases, the inclusion rate used in Schedule 1 and all other forms is 50%.
Schedule 12, Minimum Tax (Jump Code: 12)
As indicated in the Notice of Ways and Means Motion published on April 16, 2024, various modifications have been made to the calculation of the minimum tax. Here is a summary of the main changes:
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The applicable rate has been increased to 20.5%.
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The basic exemption amount has been increased to $173,205.
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Capital gains are now included at 100%.
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Capital gains resulting from gifts of publicly listed securities are now included at 30%.
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Losses other than capital losses from other years are now limited to 50% of the loss deducted in the return.
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Capital losses from other years are now included at the applicable inclusion rate.
If you have completed this form with a previous version of the program, it is recommended that you review the content before filing it.
Trust Return Filing Instructions (Jump Code: LETTER); and
Trust Return Filing Instructions (Jump Code: QLETTER)
If you need to sign a copy of a T3D, T3GR, T3M, T3P, T3RI, T3S, T1061 or T2000 return, you must now mail that return separately from your income tax return to the new address of the Sudbury Tax Centre: Sudbury Tax Centre, T3 Trust Returns Program, Canada Revenue Agency, 2nd Floor, 1050 Notre Dame Avenue, Sudbury Ontario P3A 6C2.
As a result, the Sudbury Tax Centre’s address has been changed in the federal and the Québec Trust Return Filing Instructions letter with regard to the returns listed above.
Québec
TP-776.42.F, Alternative Minimum Tax of a Trust (Jump Code: Q776.42F)
Upon the publication of information bulletins 2023-4, 2023-7, 2024-6 and 2024-8, the Ministère des Finances du Québec has made its position known regarding the changes to the calculation of the alternative minimum tax (AMT) announced by the federal government in its 2023 and 2024 budgets. As a result, Revenu Québec has modified Form TP-776.42.F to reflect these changes. Here is a summary of the main changes:
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The applicable rate has been increased to 19%.
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The basic exemption amount applicable for the 2024 taxation year corresponds to a fixed amount of $175,000 for qualified disability trusts (QDTs). This amount will be indexed automatically as of 2025.
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Capital gains are now included at 100%.
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Capital gains resulting from gifts of publicly listed securities are now included at 30%.
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Losses other than capital losses from other years are now limited to 50% of the loss deducted in the return.
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Capital losses from other years are now included at the applicable inclusion rate.
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The tax credit for donations and gifts is now included at 80%.
If you have completed this form with a previous version of the program, we strongly advise you to review it before producing it.
Manitoba
T3MJ-MB, Manitoba Tax (Jump Code: MJ MB)
Line 14, Manitoba recovery tax, has been added in Step 3 – Manitoba Tax. As a result, subsequent lines have been renumbered.
Prince Edward Island
T3MJ-PE, Prince Edward Island Tax (Jump Code: MJ PE)
The table to calculate tax on taxable income has been extended from three to five levels. In addition, the calculation for the surtax has been removed.
Version 1.0 Content
Changes to the capital gains inclusion rate
The Department of Finance has announced on January 31, 2025, that the changes to the capital gains inclusion rate would come into effect on January 1, 2026. The CRA has announced that it will reinstate the forms at the current rate (one-half) and publish them in the coming weeks. The forms and slips of this version reflect the changes in the capital gains inclusion rate to increase it to two-thirds. We will incorporate the changes to return to a one-half inclusion rate in a future release. If your file is affected by capital gains, we recommend that you wait for a future version or information from CRA to work on it.
Version 1.0 – Updated Forms
Federal
Preparer Profiles
The subsection Electronic filing of forms has been added to the EFILE tab to allow you to choose Form T1135 for electronic transmission. Please note that the box for Form T1135 will be selected by default if you create a new profile or convert an existing one.
Please note that the electronic transmission for Form T1135 has not been authorized yet in Taxprep for Trusts 2025 v.1.0. We are planning for the electronic transmission of the form to be authorized in version 2025 v.3.0, which should be available in mid-March 2025.
Capital gains inclusion rate modifications
As indicated in the Notice of Ways and Means Motion published on September 23, 2024, the capital gains inclusion rate for the 2024 taxation year has changed from 1/2 to 2/3 for capital gains and losses realized after June 24, 2024. For capital gains realized after June 24, 2024, an adjustment on the first $250,000 of net capital gains that acts as a reduction brings back the inclusion rate to 1/2 for graduated rate estates (GRE) and for qualified disability trusts (QDT).
Sections and lines have been added to a large number of forms in order to:
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Enter gains and losses from slips received by the trust realized before June 25, 2024, and after June 24, 2024;
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Separate gains and losses realized before June 25, 2024, from gains and losses realized after June 24, 2024;
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Calculate the inclusion rate based on gains and losses realized during the year;
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Calculate the reduction on capital gains for GREs and QDTs; and
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Calculate distributions related to capital gains realized before June 25, 2024, and after June 24, 2024.
Here is the list of affected forms:
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T3RET and schedules
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T1055
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T3 Slip
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T3 Income, T5, T5013
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ABIL
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Losses (CFS)
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Foreign Income (FORINC)
T3, Trust Income Tax and Information Return (Jump Code: J)
Lines have been added and are included in the T3 return calculations. Lines 13, 251, 252 and 55 are calculated directly from Schedule 1, and line 80 is calculated from Schedule 10. Lines 12, 547 and 881 should be entered manually, as Form T1098 and Schedule 130 will be added to a subsequent version of the program. All lines will be used in EFILE when it becomes available.
Schedule 10, Part XII.2 Tax, Part XIII Non-Resident Withholding Tax, and Part II.2 Tax on Repurchases of Equity (Jump Code: 10)
New Part C is used to calculate the Part II.2 tax ITA that applies to a real estate investment trust as defined in subsection 122.1(1), a specified investment flow-through (SIFT) trust or a trust that would be a SIFT trust (other than a mutual fund trust with a class of units in continuous distributions) if its assets were situated in Canada, that has its units representing an income or capital interest in the trust listed on a designated stock exchange at any time in the taxation year. The transactions must have occurred after December 31, 2023. This additional tax is calculated by multiplying by 2% the net value of the trust’s repurchases of equity during the year.
However, if the amount on line 50 does not reach the minimum threshold of $1 million (prorated based on the number of days in the taxation year if it consists of less than 365 days), the Part II.2 tax will be zero on line 53.
Schedule 11, Federal Income Tax (Jump Code: 11)
Lines 11101 and 11102 have been added to Part Step 2 – Federal tax. They are used to enter the amount of the labour requirements addition to tax and the recapture of the investment tax credit related to Form T1098, Clean technology investment tax credit (this form is not available in this version).
Schedule 12, Minimum Tax (Jump Code: 12); and
TP-776.42.F, Alternative Minimum Tax of a Trust (Jump Code: Q776.42F)
Schedule 12 and Form TP-776.42.F are not available in the current version of the program, and a diagnostic has been added to warn tax preparers that they will have to wait for a subsequent version of the program to file trust returns impacted by the minimum tax changes. However, the minimum tax exemptions for several types of trusts have been added and are automatically calculated according to the type of trust selected.
Schedule 15, Beneficial Ownership Information of a Trust (Jump Code: 15)
Part B of Schedule 15 has been divided into multiple distinct forms to simplify the management and the display of reportable entities on screen. These new forms retain the same layout as Part B and are accessible from the Form Manager as well as from Schedule 15. Note that Schedule 15 and its printing have not been modified. Due to this modification, it is now possible to easily navigate through various entities of the same type by using the drop-down menu at the top of the new forms.
In Part B, the tax identification number is now divided into several fields: social insurance number (SIN), business number (BN), temporary tax number (TTN), trust account number (TN) and individual tax number (ITN). If you have entered a number in a previous version of the program, it will be transferred to the correct field according to the tax identification type selected.
T3 slip, Statement of Trust Income Allocations and Designations (Jump Code: T3SLIP); and
RL-16 slip, Trust Income (Jump Code: QR16)
The CRA has added boxes 52 to 59 to the T3 slip to separate amounts related to capital gains, capital gains eligible for deduction from dispositions of QFFP, capital gains eligible for deduction from dispositions of QSBCS and insurance segregated fund net capital losses realized before June 25, 2024, and after June 24, 2024. The amounts displayed in these boxes are reported in the other information. We have also added custom boxes to show the amounts of split income before June 25, 2024, and after June 24, 2024. This information can be found in the Footnotes section of the T3 slip.
Revenu Québec has modified the descriptions of boxes A-2 to A-4 and H-1 to H-3 and has added boxes A-5 to A-9 and H-4 to H-10 to separate amounts related to capital gains, split income, capital gains eligible for deduction from dispositions of QFFP, capital gains eligible for deduction from dispositions of QSBCS and capital gains eligible for deduction related to a qualifying business transfer to an employee ownership trust realized before June 25, 2024, and after June 24, 2024. The amounts displayed in these boxes are reported in the additional information.
If you have prepared T3 slips and/or RL-16 slips for the 2024 year with a previous version of the program, it is strongly suggested that you review them before producing them.
Client Letter Worksheet (Jump Code: LW)
Changes have been made to the calculation of filing and balance due dates in Letter C. Filing and balance due dates are now calculating correctly when the ninetieth day following the taxation year-end falls on a Saturday or a Sunday. In addition, these dates can now be entered in the preparer profile. This makes it possible to quickly change the dates for all returns linked to that preparer profile. Finally, please note that if a filing or a balance due date is entered, that date will be indicated in Letter C of all returns using this preparer profile, regardless of the trust's taxation year-end date.
Country list
From now on, when the country entered is Other, the three-letter code OTH will appear instead of OMC. This change affects Form T1135 (Jump Code: 1135), but also Forms BENEF (Jump Code: BENEF), Identification (Jump Code: ID) and T1134 (Jump Code: 1134), among others.
RC4649, Country-by-Country Report (Jump Code: RC4649)
In Part II, CbC report section, an explanation clarifying the purpose of the permanent establishment designation has been added under line Permanent establishment of subsection 2, List of all the constituent entities of the MNE group included in each aggregation per tax jurisdiction. If the constituent entity is a permanent establishment, the tax jurisdiction of the legal entity of which the permanent establishment is a part should be specified. For more information, consult the Determining if the constituent entity is a permanent establishment subsection of the help topic RC4649 – Country-by-Country Report.
T3-RCA, Retirement Compensation Arrangement (RCA) Part XI.3 Tax Return (Jump Code: T3RCA)
Section Step 3 – Specified refundable tax has been added to the form. This section must be completed if the trust is a specified arrangement under which an eligible employer is electing under subsection 207.71(2) ITA. In addition, it is possible to request that the refund for the credit of specified refundable tax to be issued directly to the employer.
T1055, Summary of Deemed Dispositions (Jump Code: 1055)
The following changes have been made to the form:
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Lines 10A, Line 10 amount – deemed dispositions which occurred on or before June 24, 2024 (Period 1), and 10B, Line 10 amount – deemed dispositions which occurred after June 24, 2024 (Period 2), have been added.
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The question on line 55800 has been added to section Calculation for election on Form T2223, Election, Under Subsection 159(6.1) of the Income Tax Act, by a Trust to Defer Payment of Income Tax. Lines 24 and 27 will be calculated only if the answer to this question is Yes.
T1135, Foreign Income Verification Statement (Jump Code: T1135)
The electronic transmission of Form T1135 will not be available until version 2025 v.3.0. Nevertheless, to enable the future electronic transmission of this form, certain elements have been modified in this version of our program.
The section For accounting firm internal use only has been replaced by the questions Your firm has not been engaged to file Form T1135* and Form T1135 will be transmitted or paper-filed at a later date (no later than the filing deadline for the income tax return)*.
To enable you to select the form for electronic transmission, the section Electronic Filing has been added to the top of the form. At the bottom of this section, you will find the electronic filing status. When this is set to Eligible, you can transmit Form T1135. Please refer to the diagnostics to complete the form correctly.
In the Identification section, the province or territory is now presented separately from the city. Also, when the country in the reporting entity's address is a country other than Canada or the United States, the field must be filled in by the preparer.
In the Certification section, the field that included the signatory's name has been split into two separate fields, First Name and Last Name. As a result, the former value will not be retained. In addition, the signature date will now be locked when the form is first printed.
The section T1135 has been added to Form EFILE Information (Jump Code: EFILE INFO). It contains key information relating to the electronic filing of Form T1135.
If you have completed this form using a previous version of the program, we strongly advise you to review it before producing it.
Québec
Capital gains inclusion rate modifications
As indicated in the Information bulletin 2024-5 published on April 18, 2024, Québec is harmonizing with the federal capital gains inclusion rate modifications as well as with the related correlative measures.
Sections and lines have been added to a large number of forms in order to:
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Enter gains and losses from slips received by the trust realized before June 25, 2024, and after June 24, 2024;
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Separate gains and losses realized before June 25, 2024, from gains and losses realized after June 24, 2024;
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Calculate the inclusion rate based on gains and losses realized during the year;
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Calculate the reduction on capital gains for GREs and FAPHs; and
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Calculate distributions related to capital gains realized before June 25, 2024, and after June 24, 2024.
Here is the list of affected forms:
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TP-646 and schedules
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TP-653
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RL-16 slip
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QC ABIL
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QC Losses
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QC Forinc
TP-646, Trust Income Tax Return (Jump Code: Q)
Several changes have been made to this form, including:
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At question 13, former line 13b, which contained the date on which the trust became resident of Canada, and former line 13c, which contained the date on which the trust became non-resident of Canada, have been combined into one line (13.1a).
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At question 32, fields have been added for the adjusted cost base and for the paid-up capital of shares in a private corporation.
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Lines 53.1, 53.2 and 53.3 have been added for the capital gains reduction.
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Lines 69a and 69b have been added for business investment losses sustained before June 25, 2024, and after June 24, 2024.
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Line 98.2 has been added for the adjustment of the capital gains reduction.
Please note that a new form, TP-21.4.39, Cryptoasset Return, has been published by Revenu Québec. If you answered Yes to question 31 of Form TP-646, it is required to file this form. Form TP-21.4.39 is not available in this version of Taxprep for Trusts and will be included in a future version of the program. If you are required to file this form, please print and complete the form published by Revenu Québec.
TPF-1026.0.1.P, Remittance Slip (Jump Code: Q1026.0.1.P)
The TPF-1026.0.1.P remittance slip must be used for all balances payable of $10,000 or less. In addition, since January 1, 2024, balances payable in excess of $10,000 must be paid electronically. This type of payment can be made using the online banking services offered by the trust's financial institution. To do so, the trust must select the Revenu Québec – Payment Code invoice in the financial institution's online service and use the payment code shown on the remittance slip. If the trust fails to pay electronically, a penalty may apply.
The Filing- Production (Québec) letter has been amended to include these clarifications.
British Columbia
T3BC, British Columbia Tax (Jump Code: T3BC)
Line British Columbia qualifying environmental trust tax credit has been removed from section Step 3 – British Columbia tax.
Manitoba
T3MB, Manitoba Tax (Jump Code: T3MB)
Line 14, Manitoba recovery tax, has been added in Step 3 – Manitoba Tax. As a result, subsequent lines have been renumbered.
Prince Edward Island
T3PE, Prince Edward Island Tax (Jump Code: T3PE)
The table to calculate tax on taxable income has been extended from three to five levels. In addition, the line to calculate the surtax has been removed.
Version 1.0 – Forms under review
The following forms are presently under review. They are labelled Under Review on screen and include a Do not submit watermark when printed:
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T3D, T3M, T3S, T3P, T3GR and T1061 returns
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T3QDT election form and T3QDTWS worksheet
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At the CRA's request, the T3 return, Schedules 1, 9, 10 and 12 as well as Forms T184 and T1055
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At Revenu Québec’s request, the TP-646 return and its schedules
Version 1.0 – Corrected Calculations
The following problem has been corrected in this version:
Federal
Technical Changes
Electronic filing of Form T1135 for trusts only
The electronic transmission of Form T1135 will not be available until version 2025 3.0. Nevertheless, to enable the future electronic transmission of this form, certain elements have been modified in this version of our program.
The program will offer the electronic transmission of Form T1135 for trusts only. You must have an EFILE number and a password to transmit this form.
To transmit Form T1135, click General and Specialized Returns in the Transmission menu, then select the T1135 checkbox in the Transmit dialog box. When the EFILE status of Form T1135 is Eligible, the checkbox will be automatically selected in the Transmit dialog box. However, if the EFILE status is Not eligible, the checkbox will not be selected.
Converting Preparer Profiles
Once your preparer profiles from last year are converted to the current year, it is important to verify that the options defined with respect to the returns of your clients and to the electronic filing of data (EFILE) still correspond to your situation for the current season.
For more information on rolling forward client files, please consult the Help.
Electronic Filing
Government requirements
The threshold for mandatory electronic filing of information returns for a calendar year has been lowered from 50 to 5 for information returns filed after December 31, 2023. For the latest information about the penalty for not filing information returns over the Internet, go to canada.ca/mandatory-electronic-filing.
Electronic transmission of slips to the CRA
The CRA has made a number of changes to the process with respect to the electronic transmission of tax slips and summaries (XML transmission). For identification purposes, the preparer will now need to provide a CRA transmitter account number when using the My Business Account or Internet File Transfer services. The new transmitter account number should be entered in Tools > Options and Settings > Electronic Services > Identification – Generated. A drop-down list will allow you to select the right account type from the following: the business number, the trust number and the non-resident number. You will then be able to enter the number corresponding to the selected type on line Transmitter account number.
Electronic transmission of slips to Revenu Québec
The maximum number of XML files that can be transmitted per transmitter number for a given taxation year is 3,599. If the preparer reaches the maximum number of files for a given year, he or she will need to request a new transmitter number. Therefore, it is preferable to group slips together into a single file rather than transmitting one slip per file.
Important dates for Internet transmission
The CRA has been accepting electronic transmissions of T3 and NR4 slips since January 13, 2025. Revenu Québec has been accepting transmission of RL-16 slips since November 2024.
The CRA has been offering the electronic transmission service for the T3 trust income tax and information return, as well as the T3M, T3S and T3RCA returns using T3 EFILE since March 2, 2022, and the T3P, T3D, T3GR, T3RI and T1061 returns since February 19, 2024. For updating purposes, the CRA closed the transmission service on January 31, 2025, and accepts the electronic transmission of T3 returns for the tax years 2024 and 2025 since February 24, 2025.
Opening and Rolling Forward Files
Note that client files have an extension reflecting the taxation year end of the trust: .324 for a taxation year ending in 2024 and .325 for a taxation year ending in 2025.
Client files with the .324 extension
Client files with the .324 extension that have been saved with Taxprep for Trusts 2024 can be opened with Taxprep for Trusts 2025 without having been rolled forward first. When opening that file, a dialog box displays and asks you if you want to recalculate the file with the current version. By answering yes, you can simply continue working in the file. If you answer no, the data in the file will be locked. It can be unlocked at a later date using the Properties dialog box (File/Properties command).
Client files with the .323 extension
Client files with the .323 extension that have been saved with the 2023 or 2024 version of the program must be rolled forward by using the Roll Forward command in the File menu before you can access them from this version. Remember that in cases where client files were saved with the 2023 version, the roll forward is only possible if the taxation year in the source client file ends in 2023.
Taxprep for Trusts 2025 also allows you to open, without having been rolled forward first, a client file with the .323 extension. However, the file will only be read-only accessible. To open a client file with the .323 extension, access the Open dialog box (File/Open command), and select the directory where the client file has been saved using the Look in: drop-down list. Then, enter “*.*” in the “File name:” box and press Enter to display the list of client files. You can then select and open the client file you want to access.
Taxation year after roll forward
The taxation year after a roll forward cannot end after December 31, 2025. If needed, it will be shortened so as to correspond to the period covered by this version.
Attached notes
The attached notes are rolled forward, except if this option is cleared in the roll forward data options.
Rolling forward client files prepared with ProFile
Taxprep for Trusts 2025 allows for the roll forward of client files saved with version 2024.5.5 of ProFile (.23R extension).
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