If I held property in trust and now have transferred the property to the owner and have a DECLARATION OF TRUST prepared by a lawyer how do I report this on my income tax?
If I held property in trust and now have transferred the property to the owner and have a DECLARATION OF TRUST prepared by a lawyer how do I report this on my income tax?
The property was held in trust for my son and we transferred it to him using a lawyer. The lawyer created a "Declaration Of Trust" which we can use to keep from paying capital gains on the transfer of the property to the rightful owner. We have an appraisal which shows the increase in value. We just need to know how to report this on the income tax.
If I held property in trust and now have transferred the property to the owner and have a DECLARATION OF TRUST prepared by a lawyer how do I report this on my income tax?
I would suggest that you discuss this with either an accountant familiar with family trusts or Canada Revenue (1-800-959-8281). Some of the rules changed in 2016 which might or might not affect you. You may have to show the disposition of the property in a T3 Trust return.
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