Please see parts 1-4 in our previous posts.
STEP 3: What information must be disclosed?
Where a trust is required to file a tax return, the identity of all the trustees (who is on title or holds the asset), beneficiaries (who really owns the asset), settlors (who owned the asset originally) and anyone with the ability to exert influence over trustee decisions regarding the income or capital of the trust must be disclosed.
Such required information includes:
- name;
- address;
- date of birth (if applicable);
- country of residence; and
- tax identification number (e.g. social insurance number, business number, trust number).
Obtaining this information proactively is especially helpful, particularly if those involved are no longer in close contact.
Find out about the steps in our next posts.
*The preceding information is for educational purposes only. As it is impossible to include all situations, circumstances and exceptions, a further review should be done by a qualified professional. No individual or organization involved in either the preparation or distribution of this text accepts any contractual, tortious, or any other form of liability for its contents.
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