What Information Goes on Schedule 15 for a Trust in Canada?
This answer covers Canadian federal tax law, which applies in every province.
Schedule 15 asks for specified information on all trustees, settlors, beneficiaries and controlling persons: name, address, date of birth for individuals, country of residence and a tax identification number.
A settlor is the person who set up the trust by contributing property. If you cannot determine a beneficiary's identity with reasonable effort, you may describe those beneficiaries in Part C of Schedule 15. A missing tax identification number, such as a SIN, leaves the schedule incomplete, and CRA says the trust has not then met its filing obligations. A person who does not give their tax identification number to the trustee may face a $100 penalty for each failure.
Schedule 15 is filed with the T3 each year, even if nothing has changed, though information previously reported can be carried forward. It applies only to trusts that must file, so a bare trust that is not required to file for 2025 has nothing to file. Who counts as a controlling person or beneficiary in your situation can turn on the details. Whether your trust must file depends on its type and facts, so confirm with a lawyer or accountant.
Key takeaways
- Schedule 15 asks for the name, address, date of birth (for individuals), country of residence and tax identification number of each trustee, settlor, beneficiary and controlling person.
- Missing information such as tax identification numbers leaves the schedule incomplete, and CRA says the trust has then not met its filing obligations.
- Beneficiaries whose identity cannot be determined with reasonable effort may be described in Part C of Schedule 15.
- Schedule 15 is filed with the T3 every year, even with no changes, but information previously reported can be carried forward.