Enter The Income/Expenses To Get Net Income of The Trust
The more common relevant forms include:
T3 Return - Most items update to this form. However, you can bypass the underlying input form and override income and expense items directly on this form (however, this method is not recommended). Items that do not update from other forms include deductible trustee fees and taxable benefits to beneficiaries (e.g. upkeep on a principal residence).
Forms T3I, T5 and T5013 - Enter the income amounts reported on T3, T5 and T5013 slips issued to the trust. Note that the T3Inc form is used to report income from other trusts. The T3S form is for preparing the T3 slips that will be sent to the beneficiaries of the trust.
Schedule 1 – Dispositions of capital property are entered on this form.
Schedule 2 – Reserves with respect to dispositions of capital property are entered on this form.
Schedule 7 - On this form, you can enter pension amounts received by the trust that can be designated to beneficiaries (so that they can receive the special tax treatment - e.g. the pension credit).
Schedule 8 - Dividends, interest and other investment incomes that are not already carried over from the T-slips (T3, T5 and T5013) are entered on this form. Foreign investment income can be entered for up to five countries.
Carrying charges can also be entered on this form. The portion of carrying charges applicable to foreign income should be entered under the " Total carrying charges " line.
T776 - Real estate rental income is entered on this form.
OID - Other Income and Deductions - Various sundry income and deduction amounts can be entered on this form. Since the nature of the deductions is unknown, the deduction amounts update to line 3 on T3A, which means that they will not be added to the non-capital loss for the year, if any. Similarly, the sundry income and deduction amounts (other than those coming from FORINC) will not be included in the cumulative net investment loss, which is computed on Schedule 4.
ABIL - Enter allowable business investment losses on this form. Note that the rules for computing an ABIL for a trust differ from the rules that apply to other individuals.