T5008 which is in trust
can the ITF claim it on their income tax return
If the child is under 18, the income or gain may be attributed to the parent. For more info, please see http://www.cra-arc.gc.ca/E/pub/tg/5000-g/5000-g-02-14e.html#P532_55436. You may want to contact CRA for further info and guidelines specific to your situation. 1-800-959-8281
If the child is under 18, the income or gain may be attributed to the parent. For more info, please see http://www.cra-arc.gc.ca/E/pub/tg/5000-g/5000-g-02-14e.html#P532_55436. You may want to contact CRA for further info and guidelines specific to your situation. 1-800-959-8281
I have the same question, if the child is over 18, but I received a T5008 in my name with ITF and the child's name, who pays the taxes on the capital gains?
As per CRA, If the T5008 is under your name and you are acting as a Trustee, (and the child does not have access to it yet) your are responsible to manage the Trust. Depending on how the trust was labelled, once the child has access to the Trust fund, the child will be responsible on paying the taxes on capital gains.
Please refer to this article from the CRA for further information: Who has to file a T5008 information return ?
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