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Tax on interest on account held under a private unregulated trust
Hi,
I seem to remember that when an unregulated trust has money in the bank account and interest is paid by the bank into that account then this interest might be taxable even is it stays within the trust? However, I have not been able to find information on it. Can someone shine some light on this?
Thank you, Wim and Melissa
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1 Reply
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It is best to have the trust account as a non interest bearing account as interest bearing accounts come under the jurisdiction of the tax dept and this could give them access to your accounts putting them into the public domain.