Tax year-end and fiscal period

Graduated rate estate

A graduated rate estate (GRE) can have a non-calendar tax year (the period for which the accounts of the estate are made up for purposes of assessment). A GRE will have a deemed tax year-end on the day on which the estate stops being a GRE, which will be no later than the day on which the 36-month period after the death of the individual ends. Later tax year-ends will generally be on a calendar-year basis. For example, where an estate is created in June 2017, and is a GRE for 2017, 2018 and 2019, a deemed year-end will occur in June 2020 on the 3 year anniversary of the individual’s date of death. The testamentary trust will also have a tax year-end on December 31, 2020.

All other trusts

All other trusts are generally required to use a December 31 tax year-end. However, an exception is available for mutual fund trusts that elect to have a December 15 year-end. A mutual fund trust that previously elected to have a December 15 year-end can revoke the election. For more information, call 1-800-959-8281.

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