Income Tax Regulations (C.R.C., c. 945)

Marginal note:Requirement to file

203 Every institution that is a designated educational institution (as defined in subsection 118.6(1) of the Act) because of paragraph (a) of that definition shall make an information return in prescribed form in respect of each individual enrolled at that institution who is a qualifying student (as defined in subsection 118.6(1)) for a month in a taxation year.

Estates and Trusts

• 204 (1) Every person having the control of, or receiving income, gains or profits in a fiduciary capacity, or in a capacity analogous to a fiduciary capacity, shall make a return in prescribed form in respect thereof.

• (2) The return required under this section shall be filed within 90 days from the end of the taxation year and shall be in respect of the taxation year.

• (3) Subsection (1) does not require a trust to make a return for a taxation year at the end of which it is

  • (a) governed by a deferred profit sharing plan or by a plan referred to in subsection 147(15) of the Act as a revoked plan;

  • (b) governed by an employees profit sharing plan;

  • (c) a registered charity;

  • (d) governed by an eligible funeral arrangement;

  • (d.1) a cemetery care trust;

  • (e) governed by a registered education savings plan;

  • (f) governed by a TFSA or by an arrangement that is deemed by paragraph 146.2(9)(a) of the Act to be a TFSA;

  • (g) governed by a registered disability savings plan, except if paragraph 146.4(5)(a) or (b) of the Act applies; or

  • (h) governed by a FHSA.

Interpretation

• 204.1 (1) The following definitions apply in this section.

  public investment trust

  public investment trust, at any time, means a public trust all or substantially all of the fair market value of the property of which is, at that time, attributable to the fair market value of property of the trust that is

  • (a) units of public trusts;

  • (b) partnership interests in public partnerships (as defined in subsection 229.1(1));

  • (c) shares of the capital stock of public corporations; or

  • (d) any combination of properties referred to in paragraphs (a) to (c). (fiducie de placement ouverte)

  public trust

  public trust, at any time, means a mutual fund trust the units of which are, at that time, listed on a designated stock exchange in Canada. (fiducie ouverte)

Required Information Disclosure

• (2) A trust that is, at any time in a taxation year of the trust, a public trust shall, within the time required by subsection (3),

  • (a) make public, in prescribed form, information in respect of the trust for the taxation year by posting that prescribed form, in a manner that is accessible to the general public, on the Internet website of CDS Innovations Inc.; and

  • (b) notify the Minister in writing as to when the posting of the prescribed form, as required by paragraph (a), has been made.

Required Disclosure Time

• (3) The time required for a public trust to satisfy the requirements of subsection (2) in respect of the public trust for a taxation year of the public trust is

  • (a) subject to paragraph (b), on or before the day that is 60 days after the end of the taxation year; and

  • (b) where the public trust is, at any time in the taxation year, a public investment trust, on or before the day that is 67 days after the end of the calendar year in which the taxation year ends.

Additional Reporting — Trusts

• 204.2 (1) For the purposes of subsection 150(1) of the Act, every person having the control of, or receiving income, gains or profits in a fiduciary capacity, or in a capacity analogous to a fiduciary capacity, shall provide information in respect of a trust, unless the trust is subject to one of the exceptions listed in paragraphs 150(1.2)(a) to (o) of the Act, that includes the name, address, date of birth (in the case of an individual other than a trust), jurisdiction of residence and TIN (as defined in subsection 270(1) of the Act) for each person who, in the year,

  • (a) is a trustee, beneficiary (subject to subsection (2)) or settlor (as defined in subsection 17(15) of the Act) of the trust; or

  • (b) has the ability (through the terms of the trust or a related agreement) to exert influence over trustee decisions regarding the appointment of income or capital of the trust.

• (2) For the purposes of subsection (1), the requirement in paragraph (1)(a) to provide required information in respect of beneficiaries of a trust in a return is met if

  • (a) the required information is provided in respect of each beneficiary of the trust whose identity is known or ascertainable with reasonable effort by the person making the return at the time of filing the return;

  • (b) in respect of a trust, the beneficiaries of which are all of the members of an Indigenous group, community or people that holds rights recognized and affirmed by section 35 of the Constitution Act, 1982, or an identifiable class of the members of an Indigenous group, community or people that holds rights recognized and affirmed by section 35 of the Constitution Act, 1982, the person making the return provides a sufficiently detailed description of the class of beneficiaries to determine with certainty whether any particular person is a member of that class of beneficiaries;

  • (c) in respect of a trust that is not described in paragraph 150(1.2)(h) of the Act but which has one or more classes of units that are listed on a designated stock exchange, the person making the return provides the required information regarding the beneficiaries of those classes of units that are not listed on a designated stock exchange; and

  • (d) in respect of beneficiaries not described in paragraphs (a) to (c), the person making the return provides sufficiently detailed information to determine with certainty whether any particular person is a beneficiary of the trust.

Date Returns To Be Filed

• 205 (1) All returns required under this Part shall be filed with the Minister without notice or demand and, unless otherwise specifically provided, on or before the last day of February in each year and shall be in respect of the preceding calendar year.

• (2) Where a person who is required to make a return under this Part discontinues his business or activity, the return shall be filed within 30 days of the day of the discontinuance of the business or activity and shall be in respect of any calendar year or a portion thereof prior to the discontinuance of the business or activity for which a return has not previously been filed.

• (3) For the purpose of subsection 162(7.01) of the Act, the following types of information returns are prescribed:

  First Home Savings Account Statement	T4FHSA
  Government Service Contract Payments	T1204
  International Electronic Funds Transfer Report
  International Exchange of Information on Financial Accounts Information Return (Part XVIII of the Act)
  Part XX Information Return – Digital Platform Operators
  Past Service Pension Adjustment (PSPA) Exempt from Certification	T215
  Pension Adjustment Reversal (PAR)	T10
  Pooled Registered Pension Plan (PRPP) Information Return
  Registered Retirement Savings Plan (RRSP) Contribution Information Return
  Statement of Amounts Paid or Credited to Non-residents of Canada	NR4
  Statement of Benefits	T5007
  Statement of Canada Pension Plan Benefits	T4A(P)
  Statement of Contract Payments	T5018
  Statement of Distributions from a Retirement Compensation Arrangement (RCA)	T4A-RCA
  Statement of Employee Profit Sharing Plan Allocations and Payments	T4PS
  Statement of Employment Insurance and Other Benefits	T4E
  Statement of Farm-support Payments	AGR-1
  Statement of Fees, Commissions, or Other Amounts Paid to Non-residents for Services Rendered in Canada	T4A-NR
  Statement of Income from a Registered Retirement Income Fund	T4RIF
  Statement of Investment Income	T5
  Statement of Old Age Security	T4A(OAS)
  Statement of Pension, Retirement, Annuity and Other Income	T4A
  Statement of Registered Retirement Savings Plan (RRSP) Income	T4RSP
  Statement of Remuneration Paid	T4
  Statement of Securities Transactions	T5008
  Statement of Trust Income Allocations and Designations	T3
  Tax-free Savings Account (TFSA) Annual Information Return
  Tuition and Enrolment Certificate
  Universal Child Care Benefit Statement	RC62

Electronic Filing

• 205.1 (1) For the purpose of subsection 162(7.02) of the Act, the following types of information returns are prescribed and must be filed electronically if more than five information returns of that type are required to be filed for a calendar year:

  First Home Savings Account Statement	T4FHSA
  Government Service Contract Payments	T1204
  International Electronic Funds Transfer Report
  Part XVIII Information Return — International Exchange of Information on Financial Accounts
  Pooled Registered Pension Plan (PRPP) Information Return
  Registered Retirement Savings Plan (RRSP) Contribution Information Return
  Registered Retirement Savings Plans and Registered Retirement Income Funds Non-qualified Investments
  Statement of Amounts Paid or Credited to Non-residents of Canada	NR4
  Statement of Benefits	T5007
  Statement of Canada Pension Plan Benefits	T4A(P)
  Statement of Contract Payments	T5018
  Statement of Employment Insurance and Other Benefits	T4E
  Statement of Farm-support Payments	AGR-1
  Statement of Fees, Commissions, or Other Amounts Paid to Non-residents for Services Rendered in Canada	T4A-NR
  Statement of Income from a Registered Retirement Income Fund (RIF)	T4RIF
  Statement of Investment Income	T5
  Statement of Old Age Security	T4A(OAS)
  Statement of Partnership Income	T5013
  Statement of Pension, Retirement, Annuity and Other Income	T4A
  Statement of Remuneration Paid	T4
  Statement of Registered Retirement Savings Plan (RRSP) Income	T4RSP
  Statement of Securities Transactions	T5008
  Statement of Trust Income Allocations and Designations	T3
  Tax-free Savings Account (TFSA) Annual Information Return
  Tuition and Enrolment Certificate
  Universal Child Care Benefit Statement	RC62

• (2) For purposes of subsection 150.1(2.1) of the Act, a prescribed corporation is any corporation except

  • (a) an insurance corporation as defined in subsection 248(1) of the Act;

  • (b) a non-resident corporation;

  • (c) a corporation reporting in functional currency as defined in subsection 261(1) of the Act; or

  • (d) a corporation that is exempt under section 149 of the Act from tax payable.

Legal Representatives and Others

• 206 (1) Where a person, who is required to make a return under this Part, has died, such return shall be filed by his legal representative within 90 days of the date of death and shall be in respect of any calendar year or a portion thereof prior to the date of death for which a return has not previously been filed.

• (2) Every trustee in bankruptcy, assignee, liquidator, curator, receiver, trustee or committee and every agent or other person administering, managing, winding-up, controlling or otherwise dealing with the property, business, estate or income of a person who has not filed a return as required by this Part shall file such return.