T3 slips are tax information slips issued in Canada to report income from trusts.It is used to report different types of income earned within a trust, such as dividends, interest, capital gains and foreign income, as well as distributions from the trust to beneficiary.
The trustee is responsible for providing T3 slips to beneficiaries who received income or distributions from the trust during the tax year.The recipient will then use the information from the T3 slip to report income and taxes due when filing their annual income tax return with the Canada Revenue Agency (CRA).