Please note that the following document, although believed to be correct at the time of issue, may not represent the current position of the CRA.
Prenez note que ce document, bien qu'exact au moment émis, peut ne pas représenter la position actuelle de l'ARC.
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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© Sa Majesté la Reine du Chef du Canada, 1991
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