Neno Vukosa Professional Corporation Blog

Neno Vukosa Professional Corporation is pleased to provide a variety of resources on accounting, bookkeeping taxation, and other related subjects that we hope will be helpful to both individuals and businesses.

If you have any questions, simply contact us by email or call 416 347-3993 or toll free 1-844-674-7656. We will be happy to meet with you for a free, no-obligation consultation.

New T3 Requirements for Joint Accounts

Should you have established an in-trust-for (ITF) account for your minor child or hold specific assets jointly, you, and/or they, may now fall under the purview of recently implemented trust reporting regulations, effective for taxation years ending after December 30th. These regulations might necessitate the filing of a T3 Trust Income Tax and Information Return within 90 days of the year-end, irrespective of whether there's any income or activity to report. Given that trusts typically have a calendar year-end, the first tax return for 2023 would be due by April 2, 2024 (as March 30 falls on a Saturday, and April 1 is Easter Monday).

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