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The Canada Revenue Agency (CRA) has provided additional information on the recent announcement of relief for information return filers affected by the change to the effective date of the proposed capital gains inclusion rate. If you file information returns, such as the T3 (trust income), T4 (remuneration paid), T4A (pension and other income), or T5 (investment income), you need to be aware of some important updates.
As posted February 19, 2025, in the CRA Newsroom Update on the filing of information returns:
Given ongoing challenges faced by some filers, the Canada Revenue Agency (CRA) will grant relief in respect of late-filing penalties for information returns filed on or before March 7, 2025, for those information returns normally due on February 28, 2025.
The CRA announced that it will grant relief in respect of late-filing penalties and arrears interest until May 1, 2025, for impacted T3 Trust filers to provide additional time for taxpayers reporting capital dispositions to meet their tax filing obligations. This relief applies to both the filing of T3 information returns (slips) and the T3 income tax return.
Although the CRA is providing relief from the application of the late filing penalty in the instances described above, a return will be considered late the day following the end of the relief period and will incur a late filing penalty based on its original due date. For example, if the relief period ends on March 7, 2025, for a return due by February 28, 2025, and a return is filed on March 8, 2025, the return will be considered to be eight days late.