Trust Income Tax Returns
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Taxpayers are required to file a Trust Tax Return if income from the trust property is subject to tax and in specific situations when there is no tax payable. Online filing is available when a trust’s taxable income, tax payable, and refundable credits are $0.00. Otherwise, a trust income tax return must be filed via paper. CRA provides the information necessary for the taxpayer to file, processes the return and issues a paper notice that reflect the assessment results. Debit notices will include a request for payment and credit notices will include a refund. CRA and/or client-initiated reassessments may occur. (Tax Services and Processing, Canada Revenue Agency.)