Trusts

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

NoteRules for trusts relaxed 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 relaxing the rules for trusts that do not have an identification number, for income tax returns, reports and related documents filed and sent by December 31, 2022. The rules will be tightened again as of January 1, 2023.

Trusts usually have to complete form LM-58.1.2-V, Application for a Trust Identification Number, to get an identification number. However, to make the process easier, we are allowing them to leave the spaces for the trust identification number blank until December 31, 2022. They are therefore not required to file form LM-58.1.2-V to apply for the number. We will assign an identification number when we process their income tax return. The number will be included on the notice of assessment that we send them and must subsequently be included on all returns, reports and other documents filed under a tax law and sent as of January 1, 2023.

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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