US citizen living in Canada now. I established a revocable trust in the US before moving to Canada. My US bank accounts and US real estate were placed into the trust at the time it was created. The real estate has been sold and all funds are now just in the US bank accounts.
I plan on revoking the trust and retitling the bank accounts back into just my name. Since all the money and assets I placed in trust were after tax money I don't think I need to declare them as "income" on my Canadian returns right? Of course I will need to declare the bank accounts' interest income as income but the basis itself I don't believe is reportable as taxable income when retitling it from the trust back into my name.
Please confirm my thinking.
Thanks much in advance!
Reporting liquidation of US revocable trust on Canada return
Moderator: Mark T Serbinski CA CPA
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