TRUSTS - GUIDE TO FILING THE TRUST INCOME TAX RETURN - 2023
BY COMPLETING THE TRUST INCOME TAX RETURN, YOU ARE HELPING A TRUST AND ITS BENEFICIARIES CONTRIBUTE TO THE DEVELOPMENT OF QUÉBEC SOCIETY THROUGH THE FINANCING OF PUBLIC SERVICES.
This guide contains general information on how to complete the Trust Income Tax Return (form TP-646-V), hereinafter the "income tax return," for the 2023 taxation year. The instructions for completing the RL-16 slip are in the Guide to Filing the RL-16 Slip: Trust Income (RL-16. G-V).
In this guide, as well as in the income tax return and the forms to be filed with the return:
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the term "trust" means any type of trust or any succession;
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the term "trustee" means a person acting as such, including a liquidator of a succession; and
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the term "testamentary trust" means both a succession and a trust created by will (unless it is necessary to be more specific, in which case the precise term is used).
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NOTE The term "succession" is used in this guide and all related documents instead of the term "estate" because "succession" is the term used in Québec legislation. |
The numbers and abbreviations in italics at the end of certain paragraphs refer to sections of the Taxation Act (section numbers alone), the Regulation respecting the Taxation Act (section numbers containing an "R") and the Tax Administration Act (section numbers preceded by "TAA"). The information in this guide does not constitute a legal interpretation of the Taxation Act or any other legislation. For more information, contact us at one of the numbers or addresses given at the end of the guide.
Abbreviations used in this guide
| ACB | Adjusted cost base |
| AIIP | Accelerated investment incentive property |
| AMT | Alternative minimum tax |
| CCA | Capital cost allowance |
| CCPC | Canadian-controlled private corporation |
| CNIL | Cumulative net investment loss |
| CPP | Canada Pension Plan |
| CRA | Canada Revenue Agency |
| DPSP | Deferred profit-sharing plan |
| FHSA | First home savings account |
| FMV | Fair market value |
| GAAR | General anti-avoidance rule |
| GRE | Graduated rate estate |
| NISA | Net Income Stabilization Account |
| PRPP | Pooled registered pension plan |
| QDT | Qualified disability trust |
| PSP | Profit-sharing plan |
| QDT | Qualified disability trust |
| QPIP | Québec parental insurance plan |
| QPP | Québec Pension Plan |
| QSBCS | Qualified small business corporation share |
| R&D | Scientific research and experimental development |
| RDSP | Registered Disability Savings Plan |
| REIT | Real estate investment trust |
| RESP | Registered education savings plan |
| RPP | Registered pension plan |
| RRIF | Registered retirement income fund |
| RRSP | Registered retirement savings plan |
| RSUBP | Registered supplementary unemployment benefit plan |
| SIFT | Specified investment flow-through |
| TFSA | Tax-free savings account |
| UCC | Undepreciated capital cost |
| VRSP | Voluntary retirement savings plan |
Information for persons completing an income tax return for a succession
If you are completing an income tax return for a succession that earned only retirement income, investment
income or death benefits, refer to the lines that are preceded by the 
symbol on the return. If you are consulting
this guide or the Guide to Filing the RL-16 Slip: Trust Income (RL-16. G-V), refer to the sections of the guides that
are printed on a coloured background. These parts contain information that will be of particular interest for you.
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