My client is joint owner of mother’s home. Mother’s will indicates that upon her passing, the proceeds are to be split among all her children/family members. My question is - on S15, do I include only client and mother, or do I include all who will receive proceeds when sold?
What does the trust agreement say? Trust assets are distributed to trust beneficiaries which are not always the same as the will. If the client doesn’t have a trust document, find out what their wishes are and document them as such.
Also, great article just posted on the LinkedIn group for T3 Reporting Practitioners:
https://lrktax.ca/preparing-trust-returns-t3-for-bare-trusts/
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