What Information Is Reported 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. Beneficiaries whose identity cannot be determined with reasonable effort may be described in Part C of Schedule 15.
Missing information, such as tax identification numbers, leaves the schedule incomplete, and the CRA says the trust has then not met its filing obligations. Schedule 15 must be filed each taxation year with the T3 return even if there are no changes, and information previously reported can be carried forward. A reportable entity who fails to give their tax identification number, such as a SIN, to the trustee may face a $100 penalty for each failure.
Bare trusts are not required to file a T3 or Schedule 15 for taxation years ending on or after December 31, 2024 and before December 31, 2026, so they have nothing to file for those years. Confirm details with a lawyer or accountant if your trust's situation is unusual.
Key takeaways
- Schedule 15 asks for name, address, country of residence and a tax identification number for all trustees, settlors, beneficiaries and controlling persons, plus date of birth for individuals.
- Missing information such as tax identification numbers leaves the schedule incomplete, so the trust has not met its filing obligations.
- Schedule 15 is filed each taxation year with the T3 return, even with no changes, and earlier information can be carried forward.
- Beneficiaries whose identity cannot be determined with reasonable effort may be described in Part C of Schedule 15.