T3 Schedule 15

Updated: 2024-01-08

TaxCycle T3 includes Schedule 15, Beneficial Ownership Information of a Trust and the Beneficial ownership information (Beneficial) worksheet to help trusts gather and report beneficial ownership information.

Filing Requirements

Trusts with a tax year ending on or after December 31, 2023, must file the T3SCH15, even if they have never filed a T3 return before.

To support tracking this status, we added a field to the top of the form. By default, it is set to New, as it is the first year reporting for all trusts that have to file this year. In future years, it will indicate whether the S15 is the same as the prior year, was modified or cancelled. Regardless, this field is excluded from the EFILE transmission to the CRA.

How to File the Schedule 15

  1. Complete Part AAnnual beneficial ownership information of the S15Screen Capture: Schedule 15 in TaxCycle T3
  2. Complete Part BIdentification of reportable entities of the S15.
  3. You can also enter the data directly on the Beneficial ownership worksheet (click the here link to be taken to the Beneficial ownership worksheet). Data entered in these fields flows automatically between the S15 and the Beneficial ownership worksheet, so you can adjust the data on either form.
    Screen Capture: Complete Part B of the T3SCH15
  4. If required, complete Part C—Beneficiaries unable to be listed on the S15PartCScreen Capture: Part C of the T3SCH15

Enter Beneficial Ownership Information

To enter the trust’s beneficial ownership information, you can import data from an Excel template directly into the Beneficial ownership worksheet, or you can transfer the information from the existing T3 Beneficiary worksheet by checking the Transfer from beneficiaries box at the bottom of the Beneficial ownership worksheet. In both cases, you must complete Parts A and C on the S15 first. 

If you choose to transfer information from the Beneficiary worksheet, you will need to enter some of the beneficial owner information manually, since not all of the information required for S15 is available on the Beneficiary worksheet.

Screen Capture: Transfer from beneficiaries check box on the Beneficial ownership worksheet