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Preparing Your Trust Tax Returns is updated annually. The analysis provided is practical and in-depth, and addresses substantive income tax issues relating to trusts and beneficiaries that are relevant to reporting requirements.
Features & Coverage:
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More detailed topics and coverage than any other guide available
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An easy-to-understand format, which helps you find what you need more quickly
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Numerous references to CRA documents, legislation, and cases for further consultation and to ensure you have consulted all relevant material
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Online format includes context-sensitive links from Taxprep software to the commentary
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Online and DVD formats feature time-saving search functionality
Recognized as the industry standard by tax professionals across Canada, the Preparing Your Tax Returns series provides total coverage and a thorough examination of all rules and interpretations related to income tax. Loaded with how-to advice, tax planning tips, and quick answers to all of your challenging questions, it's indispensable during your T3 season.
Table of Contents:
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How to Use Preparing Your Trust Tax Returns
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List of Forms and Other Documents Reproduced
Chapter 1 -Introduction
Trust Basics
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Basic Types of Trusts
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Determining Whether a Trust Exists
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Parties to a Trust
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Purpose Trusts and Charitable Purpose Trusts
Chapter 2 - Filing a Trust Income Tax Return and Related Matters
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Filing Requirements
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Payment of Tax
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Penalties
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Assessments, Objections and Appeals
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Taxpayer Relief Provisions
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Reportable Transactions
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Other Considerations
Chapter 3 - Types of Trusts
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Testamentary Trusts
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Inter Vivos Trusts
Chapter 4 - Total Trust Income
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Capital Gains and Losses
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Pension Income
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Dividends from Taxable Canadian Corporations
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Foreign Investment Income
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Other Investment Income
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Business, Farming, Fishing, and Rental Income
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NISA Fund No.2
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Income Resulting from the Deemed Disposition Rules (The 21-Year Rule)
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Other Income
Chapter 5 - Net Income
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Deduction of the Trust's Investment Expenses for the Year
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Income Payable (or Paid or Allocated) to Beneficiaries and Subsection 105(2) Expenses
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Payable rule for trusts with beneficiaries under the age of 21
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Split income of Minor Beneficiary
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Preferred Beneficiary Election
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Gross-Up of Retained Dividends or Those Not Designated
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Adjustment of Investment Expenses (Quebec only)
Chapter 6 -Taxable Income
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Ordinary Losses of Other Years (Including Farming and Fishing Losses)
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Net Capital Losses of Other Years
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Carryback of Current Year Losses to Previous Years
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Capital Gains Exemption for Spousal or Common-Law Partner Trust
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Non-profit organizations
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Treaty-Exempt Income
Chapter 7 - Tax and Credits
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Federal Tax Payable (Schedule 11)
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Provincial or Territorial Tax or Federal Surtax Payable
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Part X11.2 Tax (Schedule 10)
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Other (Refundable) Credits
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Part XIII and XIII.2 Withholding Tax for Distributions to Non-Resident Beneficiaries
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Taxes under Other Parts in Respect of Certain Deferred Income Trusts and Other Trusts
Chapter 8 -Selected Tax Issues
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Estates and Pipeline Strategies
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Residence of Trusts
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Trusts Deemed Resident in Canada
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Taxation Year of a Trust
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Deemed Dispositions of Trust Property
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Distribution of Trust Property to Beneficiaries
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The Attribution Rules
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"Beneficially Interested"
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The Reversionary/Revocable Trust Attribution Rules
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Tax on Split Income of Minor Children
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Qualifying Dispositions to Trusts
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Clearance Certificate Prior to Distribution of Property Section 116 Clearance Certificate in Respect of an Interest in a Trust
Appendix 1 - Forms
Appendix 2 - Folios, Bulletins and Circulars
Appendix 3 - CRA and Quebec Guides
Topical Index
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