Trust Income Tax Return
Non-profit organizations (regardless of whether or not they are corporations) whose main purpose is to provide dining, recreational or sports facilities to their members must file form TP-646-V, Trust Income Tax Return, within 90 days after the end of their taxation year. At that moment, Revenu Québec considers that an inter vivos trust has been created.
The following must be reported in the return:
- taxable capital gains and losses
- property income (such as interest, rentals, royalties and dividends)
In the calculation of taxable income, such a trust is entitled to an additional deduction of $2,000.
If the trust has neither taxable capital gains nor property income, it will not have any income tax payable; it is nonetheless required to file the return.
For more information, click Trusts.