The T5 is for The Estate Of John D L Trust Acct, with Executor’s name and address. But the final recipient is under 21 and not to receive the money until 21 yrs old, who file a return for this T5?
I had a client who was under 19 and receiving T3s from the Public Guardian and Trustee. Some of the income was taxable in that year (from investment of funds re: settlement of father’s life insurance), and some that were supposed to be taxable only upon her turning 19 (from investment of funds re: injury claim in same case). For several years, we collected the “non-taxable” T3s expecting to report them all in 2023. But, somewhere around 2020 CRA decided to reassess her taxes and add those T3s back in. I talked to her mother (who was also a client) as well as the Office of the Public Guardian, and suggested we object and fight it, but the mother said no, and the Office of the Public Guardian simply paid the additional tax owing.
Bottom line - if the recipient doesn’t report it, CRA will likely asses that person anyway, because CRA will have the T5 on file, and it should show the recipient’s SIN - which is what CRA will use to determine who it “belongs” to.