At the STEP Canada 2023 Round Table, in answer to question 3, the CRA stated that a trust settled with a gold or silver bar, or a collectible coin, cannot satisfy the exception in paragraph 150(1.2)(b) of the Income Tax Act (Canada) because these items do not constitute “money”. Accordingly, the trust will always be required to file tax returns under subsection 150(1). Similarly, if a trust is entitled to a dividend receivable at any time in the year, it will likewise fail to meet the exception in the paragraph because a receivable is not one of the types of property listed there.
Post 2024 06 27: The CRA has added that holding any kind of GIC would also disqualify the trust 150(1.2)(b) because it is not money or a government-issued debt. See 2024 Step Roundtable, Q.9.
