reporting to CRA for U.S. trusts

dualcan · Post by **dualcan** » Sun Feb 24, 2013 4:12 pm

Are there any U.S. based trust reporting requirements for a Canadian/US dual living in Canada if total specified Non-Canadian property is less than $100,000CDN?

For example, if a dual in Canada has stock options, employee purchased shares etc thru a U.S. source (company on Dow and stock plans held by Fidelity in U.S.) and part or all of the value are "holdings in trust", does this lead to additional reporting above paying income and capital gains tax in US and Canada as prescribed by treaty? i.e. is there a 3520/A equivalent if specified property outside Canada is less than 100k?

thanks

nelsona · Post by **nelsona** » Mon Feb 25, 2013 7:18 am

rafa02 · Post by **rafa02** » Mon Feb 25, 2013 2:13 pm

From CRA website:

"Form T1142 must be filed by Canadian resident individuals, corporations, trusts, and certain partnerships that are beneficiaries of non-resident trusts if they either:
receive a distribution from a trust; or
are indebted to a trust."

I have been confused about any Canadian trust reporting requirements and have wondered if this would apply to a US mutual fund distribution, for example.