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.
Comments