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?
See TaxCycle webinar:
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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