Election to Create a Non-Resident Portion Trust

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The non-resident portion of a deemed resident trust corresponds to all property of the trust that is not part of the resident portion of the trust.

Where a trust holds a non-resident portion in a taxation year in which the trust is a deemed resident trust, it may make an election, under federal legislation, to have the non-resident portion of the trust deemed to be held by another trust that is an inter vivos trust referred to as a “non-resident portion trust.”

The election takes effect as of the first taxation year in which the deemed resident trust holds a non-resident portion.

As of that time, the following conditions apply to the trusts:

  • The non-resident portion trust continues to exist until the deemed resident trust:
  • The terms that apply to the deemed resident trust also apply to the non-resident portion trust.
  • The trustees of the deemed resident trust are the trustees of the non-resident portion trust.
  • The non-resident portion trust is deemed to have neither a resident contributor nor a connected contributor

The first taxation year of a non-resident portion trust corresponds to the taxation year of the deemed resident trust as of which the election applies.

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