Would the trust-reporting rules apply to an arrangement under which a person can reasonably be considered to act as agent for one or more other persons with respect to all dealings with certain property, without the arrangement being a trust or giving rise to the creation of a trust under the applicable private law, and without any valid trust (under the applicable private law) being otherwise involved in the arrangement?
CRA indicated that ss. 104(1) and 150(1.3) do not apply to an arrangement if it is not a trust, and that the determination of whether an arrangement is a trust is not something on which it generally comments as this is the responsibility of the parties involved in the arrangement, and then stated:
To the extent that a given arrangement is not a trust and does not give rise to the creation of a trust under the applicable private law, and is not otherwise deemed to be a trust for the purposes of the Act, it will not be an arrangement described in subsections 104(1) and 150(1.3). Accordingly, the arrangement will not be a trust for the purposes of section 150.