Level 2

Tax Return Preparation

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.