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Courses/Accounting & Tax/Tax Planning & Compliance

Trust Reporting Changes: CPA Compliance

Confidently navigate 2024 Canadian trust reporting changes, mastering new beneficial ownership rules, capital gains updates, and detailed CPA compliance to minimize risk and optimize client

Created byNextGen Accounting Education
BeginnerUpdated Dec 3, 2025
Trust Reporting Changes: CPA Compliance

What You'll Learn

check_circleUnderstand trust types and their compliance obligations.
check_circleMaster Schedule 15 for beneficial ownership reporting.
check_circleAccurately calculate trust income, deductions, and losses.
check_circleNavigate capital gains rules, including 2024 period splitting.
check_circleApply new EIFEL and minimum tax rules for trusts.
check_circleEnsure timely and accurate T3 slip issuance and filing.

About This Course

Welcome to "Trust Reporting Changes: CPA Compliance." This course is meticulously crafted to empower Chartered Professional Accountants and legal representatives with a comprehensive understanding of Canadian trust taxation and reporting, specifically addressing the significant legislative updates taking effect for the 2024 tax year.

Recent legislative changes, notably the enhanced reporting requirements for beneficial ownership on Schedule 15 and the critical shift for bare trusts regarding filing relief, have substantially increased the compliance burden. This course will guide you through these complexities, including the implications of new capital gains inclusion rates split between Period 1 and Period 2 of 2024, ensuring you remain at the forefront of CPA compliance.

Upon completion of this course, you will be able to:

  • Accurately determine trust residency and distinguish between various trust types (e.g., testamentary, inter vivos, GREs, QDTs, bare trusts, alter ego trusts, spousal trusts).
  • Master the procedural mechanics of filing T3 returns, including obtaining trust account numbers, understanding deadlines, and navigating penalties for non-compliance.
  • Flawlessly complete Schedule 15 for beneficial ownership, identifying all reportable entities: settlors, trustees, beneficiaries, and controlling persons, while understanding the nuances of bare trust reporting relief for 2024.
  • Calculate total income by correctly reporting capital gains (Period 1 and Period 2), pension income, business income, and other investment income sources.
  • Determine net and taxable income, applying deductions for carrying charges, trustee fees, Allowable Business Investment Losses (ABILs), and loss carry-backs/carry-forwards.
  • Navigate complex capital dispositions, including deemed dispositions (21-year rule), principal residence exemptions, and the precise reporting of Qualified Farm or Fishing Property and Qualified Small Business Corporation Shares.
  • Differentiate between income allocation and designation on Schedule 9, properly handling Preferred Beneficiary Elections and understanding the Tax on Split Income (TOSI) rules.
  • Calculate federal tax payable, apply various tax credits (e.g., Federal Dividend Tax Credit, Foreign Tax Credit), understand the minimum tax regime, and adhere to the new Excessive Interest and Financing Expenses Limitation (EIFEL) rules on Schedule 130.
  • Ensure seamless cross-compliance by accurately issuing T3 and NR4 slips to beneficiaries, understanding mandatory electronic filing thresholds, and managing amended or cancelled slips.

This course begins with the foundational elements of trust taxation and culminates in the precise requirements for issuing beneficiary slips, providing a holistic and practical guide to T3 return preparation.

Your Instructor

NextGen Accounting Education
NextGen Accounting Education
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NextGen Accounting Education delivers forward-looking CPD courses that address the disruptive trends shaping the Canadian accounting profession. We focus on AI-driven workflows, generational change, climate-related taxation, global trade policies, and federal budgeting. Our mission is to empower CPAs with the analytical and technological capabilities required in a fast-evolving economy.

Credit Information

Is this course eligible for my CPD requirements as a Canadian CPA?

Provincial regulators of CPAs in Canada do not require that independent providers of CPD be approved to offer courses. Instead, individual CPAs are responsible for assessing whether a CPD activity meets their requirements, and may take activities from any source provided those requirements are met.

Every course offered on LearnFormula is delivered by a qualified subject matter expert or learning organization, and advances learning objectives that are relevant to the responsibilities or professional competencies of Canadian CPAs. All activities on LearnFormula are quantifiable in terms of hours, and are also verifiable, in that users receive documented evidence of their attendance via a certificate of completion after finishing a course (and this certificate is stored by LearnFormula indefinitely). Nearly 100,000 Canadian CPAs successfully satisfy their CPD requirements via LearnFormula on an annual basis.

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Frequently Asked Questions

We are a registered provider with 327+ associations and regulatory bodies worldwide. We operate across 29 global markets including Canada, the US, Australia, and the UK. Every course page clearly displays its specific accreditations. Upon completion, you receive a professional certificate that can be validated online. Our certificates include all necessary accreditation details, credit hours, and completion dates, and are formatted specifically to meet the submission requirements of most global regulatory bodies.