Excluded trust
Excluded trust
A trust that, throughout a given taxation year:
- is a graduated rate estate;
- is a mutual fund trust;
- is an insurance segregated fund trust;
- is governed by:
- a tax-free savings account (TFSA),
- a first home savings account (FHSA),
- a registered retirement income fund (RRIF),
- a deferred profit-sharing plan (DPSP),
- a registered pension plan (RPP),
- a pooled registered pension plan (PRPP),
- a profit-sharing plan (PSP),
- a registered education savings plan (RESP),
- a registered disability savings plan (RDSP),
- a registered retirement savings plan (RRSP),
- a registered supplementary unemployment benefit plan (RSUBP);
- has existed for less than three months at the end of the year;
- holds assets with a total FMV of less than $50,000 throughout the year, if the only assets it holds throughout the year consist of one or more of the following:
- money,
- certain government debt obligations,
- a share, debt obligation or right listed on a designated stock exchange,
- a share of the capital stock of a mutual fund corporation,
- a unit of a mutual fund trust,
- an interest in a segregated fund trust,
- an interest as a beneficiary under a trust, all the units of which are listed on a designated stock exchange;
- is required under the relevant rules of professional conduct or the laws of Canada or a province to hold funds for the purpose of carrying on any activity that is regulated under those rules or laws, provided that the trust is not maintained as a separate trust for a particular client or clients;
- is a registered charity;
- is a club, society or association and is operated for non-profit purposes;
- is a trust whose units are all listed on a designated stock exchange;
- is a master trust;
- is a QDT;
- is an employee life and health trust (ELHT);
- is a publicly funded trust (certain ones only);
- is a cemetery care trust or a trust governed by an eligible funeral arrangement;
- is an eligible trust as defined in section 796.1 of the Taxation Act.