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posted Mar 24, 2024 11:22:04 AM

I am using Turbo Tax 2023 Standard (Canada). There is a new CRA requirement to declare 'Bare Trusts'. Is there a version of TT that addresses this?

Is there a version of TT that does address this?  I did apply online at CRA to get the trust setup.  This is for and investment account that has my children named on the account, also bank accounts.  Thanks.

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Moderator
Mar 24, 2024 11:34:04 AM

Unfortunately, there is no version of TurboTax that can be used to prepare a T3 Trust Income Tax and Information Return. However, Intuit offers another product called Profile OnePay that can do T3 returns. You can read more about it here: http://profile.intuit.ca/professional-tax-software/profile-onepay.jsp

 

Please note that if you use Profile OnePay, you’ll have to mail in your return. Profile doesn’t use NEFTILE to send returns online, it uses EFILE. EFILE is meant for tax professionals and requires an EFILE account.