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Clarification and changes to published forms

We apologize for any inconvenience and confusion this may have caused our clients.

Provincial or territorial foreign tax credits for trusts

If you are completing a T3 Trust Income Tax and Information Return, and want to claim a provincial or territorial foreign tax credit for the trust, fill out Form T2036, Provincial Foreign Tax Credit. Enter the amount from line 5 of that form on the trust's provincial or territorial income tax form The reference on the printed version of the income tax forms to line 7 of Form T2036 is a misprint.

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Trusts - Minimum tax calculation for New Brunswick and Alberta

If minimum tax applies to a trust resident in either New Brunswick or Alberta, you will have to complete a T3 Schedule 12, Minimum Tax, as well as either Form T3NB, New Brunswick Income Tax, or Form T3AB, Alberta Income Tax. In either case, read the note at the bottom of page 5 of Schedule 12. This note tells you to ignore the instruction at the top of Form T3NB or T3AB, since you must now complete lines 1 to 18 on Form T3NB, or lines 1 to 11 on Form T3AB.

We had to make this change because of a late change to provincial legislation for New Brunswick and Saskatchewan. This change occurred after Forms T3NB and T3AB were published.

Yukon Research and Development (R&D) tax credit for trusts

If you are completing a T3 Trust Income Tax and Information Return, and want to claim the Yukon R&D tax credit for the trust, fill out Form T1232, Yukon Research and Development Tax Credit, and claim the result on line 91 of the T3 return. Specify the type of credit in the space provided at line 91, and attach a copy of Form T1232 to the return.

If the trust has designated the credit to beneficiaries, enter the designated amount on line 945 of T3 Schedule 9, Income Allocations and Designations to Beneficiaries. On each beneficiary's T3 slip, Statement of Trust Income Allocations and Designations, enter the designated amount for the beneficiary in box 45. Put an asterisk beside the amount, and enter "Yukon R&D tax credit" in the footnote area of the slip.