Search - "Contribution of Property"

Q 10 on the T3 Return asks: "Did the trust receive any additional property by way of a contribution of property (as defined in the "Definitions" of the guide) since June 22, 2000? ... " The definition "contribution of property" in the Guide reads as follows: Contribution of property – generally refers to a transfer or loan of property, other than an arm's length transfer, to a non-resident trust including: a series of transfers or loans that results in a transfer or loan to the non-resident trust; and a transfer or loan made as a result of a transfer or loan involving the non-resident trust. ... It now states as follows: "Contribution of property – generally refers to a transfer or loan of property, other than an "arm's length transfer" (as defined in subsection 94(1)) to a non-resident trust by a person or partnership. ...

15 June 2021 STEP Roundtable Q. 12, 2021-0885671C6- Property owned jointly Unedited CRA Tags 73(1), 73(1.01), 73(1.02), 104(4) Principal Issues: Is it possible for spouses to jointly create a trust which meets the conditions set out in subparagraph 73(1.01)(c)(iii) of the Act with a contribution of property jointly-owned by the spouses? ... Joint Spousal or Common-Law Partner Trust – Contribution of Jointly-Held Property Is it possible for spouses or common-law partners to jointly create a trust which meets the conditions set out in subparagraph 73(1.01)(c)(iii) of the Act with a contribution of property jointly-owned by the spouses or common-law partners? ...

Paragraph (b) applies if at any time before the end of the taxation year, a contribution of property to the trust occurs which is not a contribution by an individual on or after that individual’s death and as a consequence thereof. ...

Note however, that we have previously opined that it is a question of fact as to whether a particular payment would result in a contribution to the trust for purposes of the definition of a testamentary trust in subsection 108(1) of the Act and it is our view that a contribution of property to a trust generally implies that the trust receives the property without any value being given to the contributor. ...