4 June 2024 STEP Roundtable Q. 8, 2024-1007841C6 - Disposition of Property Held in a Bare Trust -- summary under Paragraph (e)

Before taking into account the introduction of s. 150(1.2), s. 150(1.1)(b)(ii) required a trust which disposed of capital property in a year to file a T3 return for that year. Would a bare trust, that complied with the low-asset test in s. 150(1.2)(b), be required by s. 150(1.1)(b)(ii) to file a T3 return by virtue of being wound up and its property being transferred to the beneficiary, having regard to s. (b)(v) of the definition of “disposition” (which refers to a bare trust ceasing to act as agent for a beneficiary with respect to any dealing with any of the trust’s property)?