T3 (income trust) from iTrade/Scotia

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shanti06
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T3 (income trust) from iTrade/Scotia

Post by shanti06 »

I finally received a T3 which summarizes the income trust distributions. But there is a problem. In an attached summary report, only distributions reported were for Dec 2009 and Jan 2010. I don't know another T3 for the period, Jan-Nov, is in process and why the distribution in Jan 2010 is included in the T3.

Are there anyone has a similar problem?

thanks
kukuji
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Re: T3 (income trust) from iTrade/Scotia

Post by kukuji »

I have a similar issue with BMOIL. The distributions were declared on 31 December and 1st Jan , 2010 and paid on 15 jan and 1 Feb. BMOIL advised that these were 2009 distributions and therefore included in 2009 T5. My impression was that the investment income was taxed in the year received.

In my case, the amount is small so not a significant issue.
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Arby
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Re: T3 (income trust) from iTrade/Scotia

Post by Arby »

Interest income is taxed in the year it is earned, not the year it is received. With respect to trust distributions, the Record Date indicates the year that the distribution was earned. So if the record Date for a distribution was in Dec 2009, but the Payment Date was in Jan 2010, then that distribution is taxed in 2009. You should be able to look up the Record Dates and Payment Dates on the trust's website. (Just to confuse things, CRA treats Dividend income differently than other forms of income. Dividend income is taxed in the year it is received.)
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CM-Scotia iTRADE
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Re: T3 (income trust) from iTrade/Scotia

Post by CM-Scotia iTRADE »

Hi Shanti06,

As a result of the amalgamation and the conversion of Scotia iTRADE’s back-office to Scotia Capital Inc., you should have received two separate T3s by now. A T3 issued by our previous carrying broker for January 2009 to November 2009 and a T3 issued by our new back-office, Scotia Capital Inc. for December 2009. Both slips were issued and mailed-out on March 31st. You may also visit our FAQ page [https://swww.scotiaitrade.com/adp_faq_cus.shtml#N] for more information.

If you have not received yours yet, feel free to send me an e-mail [nabil@scotiaiTRADE.com] and I will direct your request to our Customer Service Department.

Thanks,

-Nabil
Raul
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Re: T3 (income trust) from iTrade/Scotia

Post by Raul »

Called Scotia I trade today. Was informed 2010-T3s were mailed on March 31. Still not received! Every year, it's the same story from them.

Does CRA enforce the timelines for T slip distribution?
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Raul
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AltaRed
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Re: T3 (income trust) from iTrade/Scotia

Post by AltaRed »

Raul wrote:Called Scotia I trade today. Was informed 2010-T3s were mailed on March 31. Still not received! Every year, it's the same story from them.

Does CRA enforce the timelines for T slip distribution?
All they have to do is mail by March 31st. Has nothing to do with how long it takes Canada Post to get it to you. That said, I received my T3 from Scotia iTrade yesterday (the 5th). You still have over 3 weeks to file.
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Peculiar_Investor
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Re: T3 (income trust) from iTrade/Scotia

Post by Peculiar_Investor »

From the horse's mouth, http://www.cra-arc.gc.ca/E/pub/tg/t4013/t4013-10e.pdf
Deadline for distributing T3 slips – You must send the T3 slips to the beneficiary’s last known address no later than 90 days after the end of the trust’s tax year. If you have the information you need to complete the slips before that deadline, we encourage you to send them to the beneficiaries as early as possible.
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abose
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Re: T3 (income trust) from iTrade/Scotia

Post by abose »

I too just received the last of my T3's only today. It's always the same deal. T3's are the last to arrive. If I didn't have trust income I could have filed in early March. :evil: However, as AltaRed points out, there's still plenty of time remaining to prepare your return, so no need to panic.

In some cases you can download a generic T3 statement from the Income Trust's Statement of Trust Income, if they have it on their website. From there you could estimate your T3 amounts based on your holdings, but as Arby points out, be careful to go by the Record Date. If the amounts in question are large, you might be better off patiently waiting for the official slips to arrive or requesting duplicates be sent by email.
Good luck.
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