Susan, age 14, is the sole beneficiary of a trust. The trust document indicates that the income

Question:

Susan, age 14, is the sole beneficiary of a trust. The trust document indicates that the income earned by the trust is to be retained by the trust until Susan turns 18.
Does this mean that the income must be subject to tax in the trust until Susan turns 18? Income Tax Act reference: ITA 104(18).
Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For  book-img-for-question

Canadian Income Taxation Planning And Decision Making

ISBN: 9781259094330

17th Edition 2014-2015 Version

Authors: Joan Kitunen, William Buckwold

Question Posted: