CRA indicates that a deemed trust that is only required to file a T3 return by Reg. 204 and not by ITA ss. 150(1)(c) and 150(1.1)(b) is not required to file a Sched. 15

Where a deemed trust (here, a trust deemed to be created pursuant to s. 143(1), e.g., re the business of a Hutterite colony) is not required to file a T3 Return for a taxation year by virtue of s. 150(1)(c), but is required to do so pursuant to Reg. 204 (e.g., it receives income in the year exceeding $500 but has no tax payable for the year or dispositions in the year), it will not be required to complete Sched. 15 for the year. However, where the deemed trust is required to file a T3 Return pursuant to s. 150(1)(c), Reg. 204.2(1) will apply to the trust such that it will be required to include Sched. 15 with its T3 Return for the year, unless it is one of the excluded trusts listed in ss. 150(1.2)(a) to (r).

This constitutes an extension of 2025-1080801C6, which most relevantly merely recognized the proposition in the sentence immediately above.

Neal Armstrong. Summaries of 27 November 2025 Internal T.I. 2025-1072771I7 under Reg. 204.2(1) and s. 143(1).