T3 Filings

July 11, 2007 — As a result of a concern expressed by the Federal Department of Finance in early 2005, CAIF worked with the department as part of a group including AIM/Trimark, BMO Nesbitt Burns, TD Bank and the Canadian Life & Health Insurance Association to develop solutions for expediting the delivery of T3 filings.

After broad consultation with the membership, a joint submission was made in June 2005 in which it was suggested that the filing deadline for T3 Supplemental forms be moved to 60 days after the end of the tax year for publicly traded trusts and partnerships, and that trusts of trusts would file within 75 days.

On July 4, 2007, Finance Minister Flaherty announced “Amendments to the Income Tax Act and Regulations Facilitating the Preparation of Information Slips Reporting Income from Certain Mutual Fund Trusts and Partnerships.”

These and the relevant notes can be found at the following link: www.fin.gc.ca/news07/07-058e.html.

In these amendments, a 60-day period was maintained for the trusts and partnerships but trusts of trusts are required to file within 67 days. It should also be noted that publicly traded trusts may elect to move their year-end to December 15 if they so wish.

These amendments are effective immediately.