Words and Phrases - "express trust"
CRA Webpage, New reporting requirements for trusts: T3 returns filed for tax years ending after December 30, 2023, updated on 12 March 2024
meaning of express trust
2.4. What is an express trust?
Generally, an express trust is a trust created with the settlor's express intent, usually made in writing (as opposed to a resulting or constructive trust, or certain trusts deemed to arise under the provision of a statute). Many types of trusts are express trusts.
Words and Phrases
express trustLocations of other summaries | Wordcount | |
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Tax Topics - Income Tax Act - Section 162 - Subsection 162(7) | no s. 162(7) penalty for 2023 taxation year of bare trust unless gross negligence | 142 |
Tax Topics - Income Tax Act - Section 163 - Subsection 163(5) | no s. 163(5) penalty for 2023 taxation year of bare trust unless situation egregious | 191 |