Hello,
Welcome to the world of Trust returns.
I would recommend starting off with the CRA trust guide here the
CRA
trust guide here. There is a great table that reviews
the different type of trusts. Other key questions are addressed like: who
should file, when to file, what to file, restrictions, and review of specific
forms and schedules.
Another
key guide is Preparing Returns for Deceased.
And
What
to do following death:
After that I would recommend to learn the flow in ProFile
for trust returns. Like how to allocate income between the trust and beneficiaries.
We have a T3 section in the user guide which can be accessed via Help in
ProFile-> User guide and https://profile-en.community.intuit.ca/articles/1625917-data-entry-and-flow-in-profile-t3
. I would also recommend our new teachable course here: https://learnprofile.teachable.com/
As for the question regarding Income (tslips for the trust
return). There are multiple forms where you can report income for the trust
(see screenshot attached). Once the income is entered, then you can complete allocation
to the beneficiary (and issues t-slips from the trust) or leave the income to
be taxable to the trust. Please see if this applies to your case and call in if
any further questions regarding flow of information on Trust returns in
ProFile.
