Use the Beneficiary details form

The Beneficiary details form is used to enter information for trust beneficiaries. Amounts flow from the Beneficiary details form (Beneficiary) to the corresponding T3, NR4 and RL16 slips. ProFile also uses Beneficiary details to complete Schedule 9 in the trust return.

Residency

A residency status of 0: Resident will transfer income amounts to T3Slip and RL16 slips for a trust resident in Québec. To complete NR4Slip for amounts paid or credited to non-residents, simply select Residency status of 1: Non-resident on Beneficiary details.

Allocation

To calculate slip amounts, the Beneficiary worksheet uses information that you enter on the Allocation worksheet. On Allocation, you can choose to allocate:

• Income equally among all beneficiaries;
• A percentage of income to each beneficiary; or
• Fixed amounts to beneficiaries.

A trust that files with no beneficiaries entered automatically retains income in the trust.