9 May 1991 Income Tax Severed Letter

By services, 22 July, 2022
Language
English
Document number
Severed letter type
Miscellaneous
d7 import status
Drupal 7 entity type
Node
Drupal 7 entity ID
657842
Extra import data
{
"field_external_guid": [
"menu:://Federal Income Tax [CCH Tax ]/Tax Window Files/Tax Window Files/Tax Window Files/1990s/1991 [JN91_149.150 - MA91_334.338]/MA91_183 — T3 Return Proper Vehicle for Reporting Trust's Income and Allocation to Beneficiaries"
],
"field_proprietary_citation": [],
"field_release_date_new": "1991-05-09 08:00:00",
"field_tags": []
}
Main text

Heather Kuiack Business Audit Saskstoon D.O.

Wayne Harding Rulings (613)957-3495

Is a T3 return required to be filed where - a trust is not created by the deceased's will - the executor manages the estate for a short period of time (say to 7 months) until the estate is liquidated and - a T5 received by the executor representing the only source of income is sent directly to the beneficiaries with instructions to report their share of this income based on the provisions of the will.

Under the Income Tax Act, the estate is a trust and a T3 return, is the proper vehicle for reporting the trust's income and its allocation to the beneficiaries.

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