20 June 2023 STEP Roundtable Q. 3, 2023-0968091C6 - Trust Reporting – Definition of Money and Treatment of Dividend Receivable -- summary under Subparagraph 150(1.2)(b)(i)

Pursuant to s. 150(1.2)(b), the exception from trust reporting requirements under s. 150(1.1) - that may be available to individuals with no Part I tax payable or relevant dispositions - can apply to a trust for a particular tax year where the trust holds assets restricted to listed types of property including “money,” with an FMV not exceeding $50,000 throughout the year. CRA indicated that a trust holding a gold or silver bar or coin would not satisfy the types-of-property test, indicating that such items did not fit the ordinary meaning of money as they would not serve as a medium of exchange in a financial transaction.