Which of the following applies to a testamentary trust that is designated as a graduated rate estate (GRE)?

Multiple Choice

• Tax instalments are required.

• A non-calendar year may be used for tax purposes.

• The highest rate of tax will apply to all income.

• The GRE will become a normal testamentary trust after 48 months.

Subject: Canadian Income Taxation

Please provide reference for the answer you find because most of the answer I got incorrect.

Thanks