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Published | Category : Income tax - individuals

Trustees: Are You Required to Report Income or Information?

Are you required to file the Trust Income Tax Return (form TP-646-V)?

A trust, other than an excluded trust, that satisfies one of the new conditions below is now also required to file an income tax return for any taxation year that begins after November 20, 2012.

  • In calculating its income for the taxation year, the trust is deducting an amount allocated to a beneficiary, regardless of the beneficiary's place of residence.
  • If the trust is resident in Québec on the last day of the taxation year, it owns, at some time in that year, property the total of whose cost amounts is more than $250,000.
  • If the trust is not resident in Québec on the last day of the taxation year, it owns, at some time in that year, property that it uses in carrying on a business in Québec and the total of whose cost amounts is more than $250,000.

For more information, see the Guide to Filing the Trust Income Tax Return (TP-646.G-V) for 2013.

Are you required to file the Trust Information Return (form TP-646.1-V)?

For any taxation year that begins after November 20, 2012, a trust, other than an excluded trust, that is resident in Canada, outside Québec, and that, at some time in the taxation year concerned, owns a specified immovable (or is a member of a partnership that owns such an immovable) is required to file an information return for that year. The trust must complete the new Trust Information Return (form TP-646.1-V).

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