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I am doing my Mom's income tax and there is a new form that…

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I am doing my...

I am doing my Mom's income tax and there is a new form that I am not familiar with and am unsure what to do with it. It is from ATB Securities Inc and says: "for settlement on Dec 28, 2017 Net Amount CAD $564.64". then it says to retain for income tax purposes.

Accountant's Assistant: The Accountant will know how to help. Is there anything else the Accountant should be aware of?

Not that I am aware of

Submitted: 1 month ago.Category: Tax
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Answered in 2 minutes by:
3/18/2018
Tax Professional: Lane, JD, CFP, MBA, CRPS replied 1 month ago
Lane
Lane, JD, CFP, MBA, CRPS
Category: Tax
Satisfied Customers: 14,008
Experience: Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial & Tax advice since 1986
Verified

Hi. My name’s Lane …

I hold a law degree (J.D.), with concentration in Tax Law, Estate law & Corporate law, an MBA in finance, a BBA, and CFP & CRPS (Chartered Retirement Plans Specialist) designations, as well - I’ve been providing financial, Social Security/Medicare, estate, corporate, non-profit, and tax advice, to clients on three continents, since 1986.

I’m reading your question now.

Bear with me a moment while I type up my response.

….

Then if you have further questions we can go from there.

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Customer reply replied 1 month ago
Are you looking up to see what the form is and what I do with it for income tax purposes?
Tax Professional: Lane, JD, CFP, MBA, CRPS replied 1 month ago

The Abbreviation CAD stands for Cash Available for Distribution.

...

It, in of itself, is not important to tax. Cash available for distribution (CAD) is a real estate investment trust's (REIT) cash-on-hand that is available to be distributed as shareholder dividends. The value is calculated by finding the funds from operations (FFO) and subtracting recurring capital expenditures.

...

It can also simply be a communication about funds that have settled (into cash) from the sale of some less liquid investment ... Stock, bond, guaranteed interest contract, mutual fund, etc.

...

Cash distribution per unit is a measure, used in Canada, that refers to the amount of cash payments made to individual unitholders of a specified income trust. The ratio is calculated by taking the total amount of cash distributions divided by the total amount of unit shares issued.

...

It’s important for investors to realize that there are differences between eligible and ineligible dividend when it comes to the Canadian tax code.

...

Further, it;s important to distinguish between a dividend and a distribution. Normal stocks tend to pay dividends whereas REITs and income trusts tend to pay a distribution. You can see the usage of the different words from their communication and website.

...

Bear with me and I'll get a table that will show you how these are taxed

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Tax Professional: Lane, JD, CFP, MBA, CRPS replied 1 month ago

See the attached

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Tax Professional: Lane, JD, CFP, MBA, CRPS replied 1 month ago

This is LIKELY a Canadian Distribution (REIT or Income trust) - DO you see the NAME of the investment? (not the firm ATB securities but rather the name of this particular investment)?

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Customer reply replied 1 month ago
it says Compass Conservative Portfolio Series A
Tax Professional: Lane, JD, CFP, MBA, CRPS replied 1 month ago

This is a Mutual Fund.

...

While you own the shares or units, you are taxed on the distributions of income that are flowed out to you. If you own units of a mutual fund trust, the trust will give you a T3 slip, Statement of Trust Income Allocations and Designations. If you own shares of a mutual fund corporation, the corporation will give you a T5 slip, Statement of Investment Income.

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