Trust
A trust is an entity that results from an act whereby a person transfers property from his or her patrimony to another patrimony that he or she constitutes. In such a case, the property is appropriated for a particular purpose, and a trustee undertakes to hold and administer it.
In certain cases, a trust is created by law. A trust may also be created by a judgment, if this is authorized by law.
Income tax
To meet your income tax obligations, you may be required, for example, to:
- file a trust income tax return;
- keep and maintain records;
- pay a balance due by the trust;
- produce RL slips for beneficiaries of the trust.
The trust may be entitled to certain tax credits. For more information, click Trusts.
Source deductions and contributions
If the trust operates a business and has employees, it has obligations regarding source deductions and employer contributions. You may be required, for example, to:
- make source deductions;
- keep and maintain records;
- change your remittance frequency;
- calculate and remit source deductions and employer contributions;
- file RL slips and RL summaries;
- withhold support payments from an employee's salary or wages.
For more information, click Source Deductions and Contributions.
Consumption taxes
A trust also has rights and obligations regarding consumption taxes. You may be required or entitled, for example, to:
- collect and report applicable taxes;
- hold or renew a permit, licence or decal;
- keep and maintain records;
- file tax returns (GST/HST, QST and other taxes) and pay a balance due;
- make instalment payments;
- use the Quick Method of Accounting to calculate GST and QST amounts payable;
- claim a tax rebate;
- change your reporting frequency.
For more information about certain consumption taxes, click Consumption Taxes.