CRA indicates that holding any GIC would preclude a trust from qualifying under s. 150(1.2)(b)

Although s. 150(1.1) historically had exempted trusts from a requirement to file returns if they had no income or dispositions of capital property in the year, this exemption was taken away by s. 150(1.2) for express trusts unless they came within a listed exemption, such as in s. 150(1.2)(b) regarding holding only specified property types with a value throughout the year of under $50,000. CRA indicated that a GIC issued by a Canadian bank or trust company did not constitute one of the assets listed in s. 150(1.2)(b), such as money, or a government issued or guaranteed debt obligation described in s. 212(3) – fully exempt interest – (a), so that any GIC would taint the trust under s. 150(1.2)(b).

Neal Armstrong. Summary of 4 June 2024 STEP Roundtable, Q.9 under s. 150(1.2)(b).