16 June 2014 STEP Roundtable, 2014-0526591C6 - STEP CRA Roundtable – June 2014 – Question 9 -- summary under Subsection 156(1)

Does CRA assess instalment interest and penalties where an inter vivos trust has not made instalment payments required under s. 156? CRA stated:

Under current administrative practices, the CRA does not assess penalties or interest where an inter vivos trust fails to make sufficient instalment payments. …[A]ny changes to these practices will be introduced in conjunction with the new [Budget 2014] rules and communicated in a clear and transparent manner.

Budget 2014 proposed…that testamentary trusts (other than estates for their first 36 months) and grandfathered inter vivos trusts will not benefit from the exemption from the tax instalment rules …[for] the 2016 and subsequent years.

Topics and taglines
Topic
Income Tax Act - s. 156(1)
Tagline
d7 import status
Drupal 7 entity type
Node
Drupal 7 entity ID
318181
d7 import status
Drupal 7 entity type
Node
Drupal 7 entity ID
342839
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