Trusts
For our clients who have a trust, this is a reminder that the trust filing deadline is March 31, 2011. Please forward us the accounting documentation for completing the trust’s financial statements and tax return by the end of January. As well, it is absolutely critical that if the trust has any loans to non-arm’s length parties (for example yourself, spouse, a company that you or family members have partial ownership of), the interest MUST be paid by January 30th (not the 31st) in order to avoid income tax “attribution”. If you have any questions please email George at georgedube@dubeaccountants.com
Related Party Loans
Similar to trusts, if you have received a loan from a non-arm’s length party (for example, a spouse or company that you or family members have partial ownership of), the interest MUST be paid by January 30th (not the 31st) in order to avoid income tax “attribution.” If you have any questions please email George at georgedube@dubeaccountants.com
Tags: tax, tax calendar, trusts
