TaxCycle | Products | Pricing | Training | Documentation | Support | News

Testamentary Trust?

Last year I wrote a message concerning wills and investments and the transfer of the assets to the beneficiary. There was a very extensive discussion and I learned much from it. I never thanked everyone, so this is my thank you to all that replied.

As it turned out the will was useless! The wife who owned all the assets had the will written leaving all of her investments to the husband! However, sometime after the will was written, she transferred half of the assets to her assets to a joint account (as the main holder) with her husband and the other half to a joint account with her husband as the main holder.

The assets in her joint account were transferred into the husband’s joint account before the end of March 2019. However, her CRA accounts shows two 5008 trades both at a loss and one T-5 for interest. All these slips show owner ship as joint.

Finally my question! Do I need to prepare a trust return or can it report these slips on her husband’s return. Either way, that is where then income will end up!

I look forward to your comments! This year, I will remember to thank you.