Revocable probate avoidance trust

lanman2000 · Post by **lanman2000** » Fri Mar 05, 2010 2:48 pm

Hi again,

US/CDN dual citizen with US citizen wife. Both now living in Canada since May 2009. Before that, lived in US 10+ years.

A couple of years ago we setup a living trust in California and put our house and bank accounts into it. The two trustees are my wife and I. Since we are now residing in Canada are we required to file a separate tax return for the trust? In the US, we never had to do a separate return because the trust is a "look-through" / "disregarded" entity for income tax purposes. I've done a lot of reading on this and I think that maybe it is now a inter-vivos trust in the eyes of the CRA which would necessitate filing a T3, etc... Is this true? Or am I way off?

If we do have to file a separate return how the heck are we going to get FTCs for US taxes paid on our US bank interest income and US house rental income since the filer in the US for those is us as individuals and in Canada it would be the trust.

Any info/advice is MUCH appreciated.

Thank you!

lanman2000 · Post by **lanman2000** » Mon Mar 08, 2010 2:57 pm

nelsona · Post by **nelsona** » Mon Mar 08, 2010 3:05 pm

bump = no response for sure.

Just who do you think you are?

lanman2000 · Post by **lanman2000** » Mon Mar 08, 2010 3:09 pm

:)

sorry... thought it got lost in the pile