During 2020, the Ho family trust received eligible dividends from publicly traded Canadian…

During 2020, the Ho family trust
received eligible dividends from publicly traded Canadian corporations in the
amount of $100,000. In addition, it received non-eligible dividends from the
family owned Canadian controlled private corporation in the amount of $30,000.
Its only other source of income was a capital gain of $20,000 on a disposition
of investments in publicly traded equity securities. The only beneficiary of
the trust is the family’s 19 year old son, Bryan Ho. Bryan is actively engaged
in the private corporation on a regular and continuous basis and, as a
consequence, the TOSI is
»

During 2020, the Ho family trust
received eligible dividends from publicly traded Canadian corporations in the
amount of $100,000. In addition, it received non-eligible dividends from the
family owned Canadian controlled private corporation in the amount of $30,000.
Its only other source of income was a capital gain of $20,000 on a disposition
of investments in publicly traded equity securities. The only beneficiary of
the trust is the family’s 19 year old son, Bryan Ho. Bryan is actively engaged
in the private corporation on a regular and continuous basis and, as a
consequence, the TOSI is not applicable to the income that he receives from the
trust. During the current year, $60,000 of the eligible dividends from public
companies, all of the non-eligible dividends from the family’s private company,
and all of the $20,000 capital gain were paid to Bryan. Indicate the tax
effects of these transactions on the Net Income For Tax Purposes for both the
trust and for Bryan.

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