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Frequently Asked Questions

About Income Trusts

Why didn’t I receive a T3 that I was expecting?

The T3 may still be pending because the issuer has not reported final data for the tax year as yet. For a full list of Income Trusts and Limited Partnerships that have been processed by RBC Dominion Securities, refer to Tax Mailing Updates. If the security has issued its data and you have not received your tax slip yet, you may not have been a holder of the security when the distribution was paid for the tax year (because you either sold it before or purchased it after the last distribution of the year). Refer to your monthly statements to determine if you held the security over a distribution date, or contact your Investment Advisor to assist you.

 

Why are there so many T3 mailings?

The number of T3 tax packages you will receive depends on the number of issuers with whom you hold Income Trusts and the number of times an Income Trust issuer amends their data. Even though the federal government passed legislation effective tax year 2007 that requires Income Trust issuers to report to financial intermediaries such as RBC Dominion Securities by the end of February, the nominal penalty for non-adherence to the deadline does not deter many issuers from filing information late or from filing subsequent amendments. You may receive T3 tax slips into March and April. For this reason, if you hold any of these securities, we strongly suggest that you refer to your Important Information Regarding Outstanding Tax Documents, included in your T5 tax package, and wait for all of your tax slips before you file your tax return.

 

I received an amended T3 but I have already filed my tax return. What should I do?

You need to file a T1-ADJ form that you can find on the Canada Revenue Agency website http://www.cra-arc.gc.ca/E/pbg/tf/t1-adj/ (opens external website in new window) to amend your tax return.

 

Why does my T3 show income from a distribution paid after December 31?

An Income Trust issuer may declare a record date for a distribution of earnings before December 31 but not pay the distribution until January. For unit holders, income from a distribution is taxable at the record date, not the date that it is paid.

 

The information contained herein has been obtained from sources believed to be reliable at the time obtained but neither RBC Dominion Securities Inc. nor its employees, agents, or information suppliers can guarantee its accuracy or completeness. This information is furnished on the basis and understanding that neither RBC Dominion Securities Inc. nor its employees, agents, or information suppliers is to be under any responsibility or liability whatsoever in respect thereof. This information is not intended as nor does it constitute tax or legal advice. Clients should consult their own accountant or other professional advisor for more detailed tax related information. RBC Dominion Securities Inc.* and Royal Bank of Canada are separate corporate entities which are affiliated. *Member-Canadian Investor Protection Fund. ®Registered trademark of Royal Bank of Canada. Used under licence. RBC Dominion Securities is a registered trademark of Royal Bank of Canada. Used under licence. ©Copyright 2017. All rights reserved.