Subsection 204.2(1)
Administrative Policy
19 March 2024 External T.I. 2024-1003321E5 - Enhanced Trust Reporting
CRA concluded that an RRSP trust, which does not have a tax identification number (TIN), and is the beneficiary of a unit trust, is now required...
| Locations of other summaries | Wordcount | |
|---|---|---|
| Tax Topics - Income Tax Act - Section 237 - Subsection 237(1.1) - Paragraph 237(1.1)(b) | RRSP beneficiaries of unit trusts are now generally required to get a TIN | 202 |
CRA Webpage, Enhanced reporting rules for trusts and bare trusts: Frequently asked questions, updated on 14 March 2025
Requirement to report non-beneficiary reportable entities (paras. 1.6 and 1.7)
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Unlike the accommodation by the rules for beneficiaries who are...
| Locations of other summaries | Wordcount | |
|---|---|---|
| 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 |
| Tax Topics - Income Tax Act - Section 150 - Subsection 150(1.2) | 180 | |
| Tax Topics - Income Tax Act - Section 104 - Subsection 104(1) | 476 | |
| Tax Topics - Income Tax Act - Section 163 - Subsection 163(5) | 126 | |
| Tax Topics - Income Tax Act - Section 150 - Subsection 150(1.2) - Paragraph 150(1.2)(a) | 80 |
3 November 2023 APFF Financial Strategies and Instruments Roundtable Q. 7, 2023-0994231C6 F - Additional reporting - trusts subject to exception
For taxation years ending on or after December 31, 2023, Reg. 204.2(1) requires a trust to provide specified information regarding its trustees...
20 June 2023 STEP Roundtable Q. 4, 2023-0968111C6 - Trust Reporting – Definition of Beneficiary
Pursuant to Reg. 204.2(1)(a), a trustee of a trust is required to report information about each “beneficiary” of the trust, unless the trust...
Words and Phrases
beneficiaryArticles
Kate Harris, Balaji (Bal) Katlai, "New Trust Disclosure Rules: The Unfolding of the Propep Nightmare", Tax for the Owner-Manager,” Vol. 20, No. 4, October 2020, p. 7
Quaere whether Proprep indicates that contingent beneficiaries must be disclosed (p. 7)
Consider a trust indenture that includes a "conditional"...