Trusts

Testamentary trusts and inter vivos trusts, like individuals, have tax obligations they must meet.

NoteRelaxed rules for new trusts until December 31, 2022

We have assigned an identification number to all trusts that have filed an income tax return. The identification number will be included on all subsequent notices of assessment that we send them. Trusts must include this identification number on all returns, reports or other documents they are required to file under any tax law, including the Trust Income Tax Return (TP-646-V). Trusts must also include the trust account number assigned by the Canada Revenue Agency. Failure to provide this information may result in penalties. 

We are providing leeway for new trusts (i.e. those that have recently been established or are filing a Québec income tax return for the first time in 2022).

These trusts must usually complete form LM-58.1.2-V, Application for a Trust Identification Number. However, to make the process easier this year, we are allowing new trusts to leave the spaces for the trust identification and account numbers blank. New trusts are therefore not required to file form LM-58.1.2-V. We will assign them an identification number when processing their income tax return. The number will be included on the notice of assessment that we will send them and must subsequently be included on all returns, reports or other documents filed under any tax law.

End of note

For information about those obligations, about the trust income tax return or about the consequences of certain transactions made in favour of a trust, see:

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