Income Tax Regulations

204.2 (1) Every trust, other than a trust described in any of paragraphs 150(1.2)(a) to (r) of the Act, that is required to file a return of income under subsection 150(1) of the Act, shall provide information 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 or partnership who, in the year,

• (a) is a trustee, beneficiary (subject to subsection (2)) or settlor 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;

• (b.1) the trustee of the trust is a public guardian and trustee authorized under a law of Canada or a Province who, as trustee, who is acting in their capacity as public guardian and trustee, including acting as trustee of a trust pursuant to an order of a court;

• (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;

• (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; and

• (e) in respect of a trust that is an alter ego trust or a joint spousal or common-law partner trust, the person making the return provides the required information regarding the beneficiaries of the trust, other than those beneficiaries who are beneficiaries under the trust solely because of a right of the person to receive any of the trust’s income or capital, if under that right the person may so receive that income or capital only on or after the death after that time of an individual.

(3) For the purpose of subsection (1), a settlor of a trust at any time means any person or partnership that has directly or indirectly, in any manner whatever, transferred property to the trust at or before that time, other than a transfer made by the person or partnership to the trust for fair market value consideration or pursuant to a legal obligation to make the transfer.