Beneficiary Reporting Relief for Investment Trusts | KPMG | CA
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Beneficiary Reporting Relief for Investment Trusts

Beneficiary Reporting Relief for Investment Trusts

The 2016 T3 Guide now states which trusts must report change of beneficiary information.


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Specifically, the revised 2016 T3 Guide states that only a personal trust, spousal or common law partner trust, joint spousal or common law partner trust, or alter ego trust must provide change of beneficiary information when filing a T3 return. The revised guidance effectively carves out publicly offered investment funds, such as segregated or mutual fund trusts, unit trusts and pooled trusts, from the new change in beneficiary reporting requirements. Absent the carve-out, publicly offered investment funds would have had high volumes of information to report as part of this new requirement.


Where there has been a change to the trust's beneficiaries, the 2016 version of the T3 Trust Income Tax and Information Return requires a trust to attach a note to the T3 return that provides the names of the beneficiaries, their social insurance numbers and the date of the change (i.e., question 4) in the "Other Required Information" section (question 4). Previous versions of the T3 Return did not require this information.


For more information, contact your KPMG adviser.


Information is current to March 07, 2017. The information contained in this publication is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavour to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act upon such information without appropriate professional advice after a thorough examination of the particular situation. For more information, contact KPMG's National Tax Centre at 416.777.8500

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