Preparing Your Trust Tax Returns, 2020 Edition (For The 2019 Tax Year)

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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.

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:

  • More detailed topics and coverage than any other guide available
  • An easy-to-understand format, which helps you find what you need more quickly
  • Numerous references to CRA documents, legislation, and cases for further consultation and to ensure you have consulted all relevant material
  • Online format includes context-sensitive links from Taxprep software to the commentary
  • 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:

  • How to Use Preparing Your Trust Tax Returns
  • List of Forms and Other Documents Reproduced

Chapter 1 -Introduction

Trust Basics

  • Basic Types of Trusts
  • Determining Whether a Trust Exists
  • Parties to a Trust
  • Purpose Trusts and Charitable Purpose Trusts

Chapter 2 - Filing a Trust Income Tax Return and Related Matters

  • Filing Requirements
  • Payment of Tax
  • Penalties
  • Assessments, Objections and Appeals
  • Taxpayer Relief Provisions
  • Reportable Transactions
  • Other Considerations

Chapter 3 - Types of Trusts

  • Testamentary Trusts
  • Inter Vivos Trusts

Chapter 4 - Total Trust Income

  • Capital Gains and Losses
  • Pension Income
  • Dividends from Taxable Canadian Corporations
  • Foreign Investment Income
  • Other Investment Income
  • Business, Farming, Fishing, and Rental Income
  • NISA Fund No.2
  • Income Resulting from the Deemed Disposition Rules (The 21-Year Rule)
  • Other Income

Chapter 5 - Net Income

  • Deduction of the Trust's Investment Expenses for the Year
  • Income Payable (or Paid or Allocated) to Beneficiaries and Subsection 105(2) Expenses
  • Payable rule for trusts with beneficiaries under the age of 21
  • Split income of Minor Beneficiary
  • Preferred Beneficiary Election
  • Gross-Up of Retained Dividends or Those Not Designated
  • Adjustment of Investment Expenses (Quebec only)

Chapter 6 -Taxable Income

  • Ordinary Losses of Other Years (Including Farming and Fishing Losses)
  • Net Capital Losses of Other Years
  • Carryback of Current Year Losses to Previous Years
  • Capital Gains Exemption for Spousal or Common-Law Partner Trust
  • Non-profit organizations
  • Treaty-Exempt Income

Chapter 7 - Tax and Credits

  • Federal Tax Payable (Schedule 11)
  • Provincial or Territorial Tax or Federal Surtax Payable
  • Part X11.2 Tax (Schedule 10)
  • Other (Refundable) Credits
  • Part XIII and XIII.2 Withholding Tax for Distributions to Non-Resident Beneficiaries
  • Taxes under Other Parts in Respect of Certain Deferred Income Trusts and Other Trusts

Chapter 8 -Selected Tax Issues

  • Estates and Pipeline Strategies
  • Residence of Trusts
  • Trusts Deemed Resident in Canada
  • Taxation Year of a Trust
  • Deemed Dispositions of Trust Property
  • Distribution of Trust Property to Beneficiaries
  • The Attribution Rules
  • "Beneficially Interested"
  • The Reversionary/Revocable Trust Attribution Rules
  • Tax on Split Income of Minor Children
  • Qualifying Dispositions to Trusts
  • 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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