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Discretionary TrustA discretionary trust exists when trustees who have a vested interest in the property of a trust must determine an appropriate allocation of such property and/or income among the class of beneficiaries. Under the old rules, a non-resident trust would’ve been subject to Canadian tax obligations in the following situations in unity with paragraph 94(1)(c) of the Act:• the trust earned taxable income in Canada ,• earned foreign accrual property income, • earned income on the shares of foreign affiliates and • on investments it made in offshore investment fund properties. In accordance with the Act, for purposes of determining the appropriate amount of taxable income, the trust is entitled to deductions for payments made to beneficiaries during the tax year. Additionally, the trust may have been entitled to foreign tax credits related to taxes paid in a foreign jurisdiction on foreign accrual property income. …show more content…
With respect to a non-discretionary trust, pursuant to paragraph 94(1)(d), the trust would be deemed a non-resident corporation or a controlled foreign affiliate where a beneficiary held a vested interest equal to or greater than 10 percent of the cumulative fair market value of all vested beneficiary interests. The deemed corporation would be considered to have 100 issued shares of a single class that would be divided among the various trust beneficiaries based on their relative fair value share of the total fair value of all beneficial interests. This would give rise to tax obligations on the part of the Canadian beneficiaries, as they would be required to include in income their relative ownership of the foreign accrual property income, less any applicable deductions. It is important to reinforce that such inclusion was limited based on a beneficiaries’ proportionate share vested in the

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