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This version of the form is not currently in use and is provided for reference only. Download this version of
Form T3 Schedule 1A
for the current year.
Form T3 Schedule 1A Capital Gains on Gifts of Certain Capital Property - Canada
Form T3 Schedule 1A Capital Gains on Gifts of Certain Capital Property in Canada is used to report capital gains made on gifts of certain capital property.
The Form T3 Schedule 1A is filed by the executor or trustee of an estate in Canada.
FAQ
Q: What is Form T3 Schedule 1A?
A: Form T3 Schedule 1A is a tax form used in Canada to report capital gains on gifts of certain capital property.
Q: What is capital gains?
A: Capital gains refer to the profits made from the sale of a capital property, such as stocks, real estate, or artwork.
Q: What is considered a gift of certain capital property?
A: A gift of certain capital property refers to the transfer of property as a gift, where the fair market value of the property exceeds its cost.
Q: Who needs to file Form T3 Schedule 1A?
A: Trusts in Canada that have received gifts of certain capital property and have realized capital gains on those gifts need to file Form T3 Schedule 1A.
Q: What information is required to complete Form T3 Schedule 1A?
A: To complete Form T3 Schedule 1A, you will need to provide information about the property gifted, its fair market value, and the cost or adjusted cost base of the property.
Q: When is the deadline to file Form T3 Schedule 1A?
A: The deadline to file Form T3 Schedule 1A is 90 days after the end of the trust's taxation year.
