TRUST INSTALLMENT REQUIREMENTS, INTEREST AND PENALTIES

Tuesday, August 23rd, 2016

One of the many tasks associated with the administration of trusts is making sure all tax payments are made on a timely basis to protect the trust and its beneficiaries from avoid interest and penalties. In this regard, most trusts are required to make installment payments. Prior to 2016 only inter ...

Filing obligation for 75(2) trust

Tuesday, August 16th, 2016

The Canada Revenue Agency (CRA) was asked in a technical interpretation if a reversionary trust that holds non-income producing property is required to file a T3 Return. A T3 return serves to report not only information about the reporting trust, but also additional information, such as that affecting the taxation of ...