Could I ask what do you mean ARE in the previous post?
I just mean that an underlying trust is part of the makeup of any qualified/registered (Govt sponsored or registered, typically retirement, account, where there are tax benefits for saving for retirement) plan.
What's the penalty for late filing of 3520? I only found failure of filing penalty. How to apply to waive if it's late for only one month?
25% of the transfer, but again, there's no need to file here because no money is flowing into or out of that TFSA shell
Would return on capital be taxable on 1040 (sorry, it's in TFSA, but I'm wondering whether all Return on Capital is taxable on 1040, as well)?
No, again, no transfers here, and in a retirement plan trust he's not the owner, he's an unlimited lifetime beneficiary.
Thanks very much!