Taxprep for Trust is, as the name suggests, a tax return preparation program for trusts, specifically for Canadians. There are two versions of the program: the standard, and the Lite, which is limited to only 5 returns.
The Taxprep for Trust application simplifies trust tax return prep in a number of ways. One is through an inbuilt wizard called the Taxprep Assistant. This utility guides users through the steps in filling out T3/TP-646 returns so that erroneous or missed data entry becomes a thing of the past. Users are also given more than one choice for the way in which they specify beneficiary allocations. They can separate the allocation of income as well as capital gains. They can allocate the actual trust income based on a constant amount or simply by a fixed percentage-based calculation. And because the program automatically matches trust income to expenses according to the type of income, the total amount to be allocated is always clear.
The Taxprep for Trust program can integrate with several of the Wolters Kluwer tax research programs. It also has utilities that aid users in the filing process.
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If you have additional information about which types of files Taxprep for Trust can process, please do get in touch - we would love hearing from you.
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