I have some money in a money market fund with RBC Securities and noticed that the T3 they sent says its a "statement of trust income allocations." (They seem to be referring to the fund as a trust.) Is this the kind of "trust" that the IRS means when it asks if you have a stake in "foreign trusts" on 1040 schedule B?
I can't find a clear answer on IRS site; by "trust" I think they mean tax-free instruments that one person manages for another's benefit, but am not sure if this is right or how broad a term it is (i.e. does it include the kind of fund that I have at RBC.)
Sorry if this is a dumb question -- I'm a bit confused about it and was hoping someone here would be able to help clarify it.
trusts
Moderator: Mark T Serbinski CA CPA