Non-Resident Discretionary Trust

The T2 Schedule 22 to report an interest in a non-resident discretionary trust has been updated to remove the reference to subsection 94(1) of the Income Tax Act.  No other changes were made to the form.

This schedule is required to be filled out when

 - a corporation
 - a controlled foreign affiliate of the corporation, or
 - any other corporation or trust that did not deal at arm's length with the corporation

held a beneficial interest in a discretionary non-resident trust at any time during the tax year.

New NR4 forms

The CRA has posted the new NR4 forms and summary forms.  NR4 forms are used to report passive income paid to non-residents - whether you have collected and remitted withholding or not.  You have to file the NR4 return by March 31, 2012, or no later than 90 days after the end of the estate's or trust's 2011 tax year.

CRA and social media

According to the OECD Report on Social Media Technologies and Tax Administration, CRA is making good use of social media for information to the public.  The next step will be to develop a mobile app such as the one done by the IRS2Go.