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  • Writer's pictureImma Dike-Shittu

Penalty charged in error for some trusts (CRA)

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 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.

We are currently working on reassessing the affected accounts and we will be issuing a corrective Notice of Reassessment.

No further action or payment of the penalty is required on the part of your impacted clients.

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