Please note that the following document, although believed to be correct at the time of issue, may not represent the current position of the CRA.
Prenez note que ce document, bien qu'exact au moment émis, peut ne pas représenter la position actuelle de l'ARC.
Please note that the following document, although believed to be correct at the time of issue, may not represent the current position of the Department.
Prenez note que ce document, bien qu'exact au moment émis, peut ne pas représenter la position actuelle du ministère.
951514
XXXXXXXXXX T. Murphy
(613) 957-8953
Attention: XXXXXXXXXX
June 22, 1995
Dear Sirs:
Re: Filing Deadline for T3 Returns
This is in reply to your letter of May 29, 1995 concerning the filing deadline for a testamentary trust with a year-end of January 31, 1995 where that trust may file an election to recognize unrealized gains on capital property held by the trust on February 22, 1994.
In your letter you outline the results of various telephone conversations with Mr. Burt Weavers, Calgary Tax Services, on this issue. Relative to the above trust you were advised that:
1.the capital gains election form must be filed no later than March 31, 1996, and
2.the T3 return, T3 summary and T3 supplementaries must be filed within 90 days of the January 31, 1995 year-end.
You have asked whether Mr. Weavers comments are correct and if so whether the matter is being reconsidered to extend the filing deadline for all returns and supplementary information to March 31, 1996, in this type of situation.
In our opinion, Mr. Weavers comments are correct.
With respect to your second query, as noted in your letter, the filing deadline for 1994 returns of testamentary trusts meeting certain conditions relative to the capital gains election was extended to March 31, 1995. It is our understanding that the reasons for that extension (as announced by the Minister of National Revenue on June 24, 1994) were the lack of legislation (draft legislation was first introduced on August 8, 1994) and the unavailability of the forms. As these reasons are no longer applicable, T3 Assessing has confirmed to us that there is no intention to extend the filing deadline for 1995 returns of testamentary trusts.
We trust our comments will be of assistance to you.
Yours truly,
R.S. Biscaro
Director
Manufacturing Industries, Partnerships
and Trusts Division
Income Tax Rulings and
Interpretations Directorate
Policy and Legislation Branch
cc. Mr. Burt Weavers, Calgary Tax Services
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