Estate and trust

Hello,

I have a question about the preparation of T3 GRE returns with fiscal year that starts in 2024 and ends in 2025 and the reduction in the federal tax rate from 15% to 14.5%. The latest version of T3 TaxPrep software covers tax rates as of May 16, 2025, and does not account for this change. I don't think that we can override the tax rate in the program. Even if you do it, CRA most likely will change it. Do we file a T3 adjustment request? Any ideas? 

Thank you.

Hello,

I have a question about the preparation of T3 GRE returns with fiscal year that starts in 2024 and ends in 2025 and the reduction in the federal tax rate from 15% to 14.5%. The latest version of T3 TaxPrep software covers tax rates as of May 16, 2025, and does not account for this change. I don't think that we can override the tax rate in the program. Even if you do it, CRA most likely will change it. Do we file a T3 adjustment request? Any ideas? 

Thank you.

I have had 3 T3 NOA's come back with year ends after June 30, 2025 where CRA has assessed the tax using the 14.5% so now I'm overriding the tax calculation on the T3 and created a custom diagnostic. 

Hello,

I have a question about the preparation of T3 GRE returns with fiscal year that starts in 2024 and ends in 2025 and the reduction in the federal tax rate from 15% to 14.5%. The latest version of T3 TaxPrep software covers tax rates as of May 16, 2025, and does not account for this change. I don't think that we can override the tax rate in the program. Even if you do it, CRA most likely will change it. Do we file a T3 adjustment request? Any ideas? 

Thank you.

I checked last week and we were still waiting for "official word" from the CRA about making this change. We are puzzled, because this would be a completely new approach and is inconsistent with how the T1 is handled. I would like to know whether or not they have they also updated the assessing program for 2025 provincial changes (e.g. Alberta has introduced a new 8% tax bracket),   

I have had 3 T3 NOA's come back with year ends after June 30, 2025 where CRA has assessed the tax using the 14.5% so now I'm overriding the tax calculation on the T3 and created a custom diagnostic. 

Hello,

I have a question about the preparation of T3 GRE returns with fiscal year that starts in 2024 and ends in 2025 and the reduction in the federal tax rate from 15% to 14.5%. The latest version of T3 TaxPrep software covers tax rates as of May 16, 2025, and does not account for this change. I don't think that we can override the tax rate in the program. Even if you do it, CRA most likely will change it. Do we file a T3 adjustment request? Any ideas? 

Thank you.

Hi Maureen

I have reached out to the CRA as well to ask whether they are indeed using the new lower income tax rate effective July 1, 2025.

I checked last week and we were still waiting for "official word" from the CRA about making this change. We are puzzled, because this would be a completely new approach and is inconsistent with how the T1 is handled. I would like to know whether or not they have they also updated the assessing program for 2025 provincial changes (e.g. Alberta has introduced a new 8% tax bracket),   

I have had 3 T3 NOA's come back with year ends after June 30, 2025 where CRA has assessed the tax using the 14.5% so now I'm overriding the tax calculation on the T3 and created a custom diagnostic. 

Hello,

I have a question about the preparation of T3 GRE returns with fiscal year that starts in 2024 and ends in 2025 and the reduction in the federal tax rate from 15% to 14.5%. The latest version of T3 TaxPrep software covers tax rates as of May 16, 2025, and does not account for this change. I don't think that we can override the tax rate in the program. Even if you do it, CRA most likely will change it. Do we file a T3 adjustment request? Any ideas? 

Thank you.

Good morning,

I reviewed NOAs for two GREs with the following fiscal periods: Jan 3, 2024 to Jan 2, 2025 and Feb 20, 2024 to Feb 19, 2025. CRA did use the 14.5% rate for 2025 and 15% for 2024. Following Miranda's suggestion, I overrode the federal tax rate to 14.5% in "Rates Fed-Prov" and it matched with the CRA's assessments. 

Hi Maureen

I have reached out to the CRA as well to ask whether they are indeed using the new lower income tax rate effective July 1, 2025.

I checked last week and we were still waiting for "official word" from the CRA about making this change. We are puzzled, because this would be a completely new approach and is inconsistent with how the T1 is handled. I would like to know whether or not they have they also updated the assessing program for 2025 provincial changes (e.g. Alberta has introduced a new 8% tax bracket),   

I have had 3 T3 NOA's come back with year ends after June 30, 2025 where CRA has assessed the tax using the 14.5% so now I'm overriding the tax calculation on the T3 and created a custom diagnostic. 

Hello,

I have a question about the preparation of T3 GRE returns with fiscal year that starts in 2024 and ends in 2025 and the reduction in the federal tax rate from 15% to 14.5%. The latest version of T3 TaxPrep software covers tax rates as of May 16, 2025, and does not account for this change. I don't think that we can override the tax rate in the program. Even if you do it, CRA most likely will change it. Do we file a T3 adjustment request? Any ideas? 

Thank you.