disability planning · Increasing Income · Passive Income

Free Money Step 4 (3 Minutes)

Because it helps out my kid and me in multiple ways, I created a disability trust for us. What I didn’t know beforehand was that a trust is its own legal entity, thus has its own tax number, requires its own tax return…and has its own tax return deadline. Surprise!

The conundrum? The government is telling me the trust’s tax return is due March 31st, and the trust’s bank is telling me it issues tax slips only then. Oh!

Now, I could rail about the ridiculousness of this, rant about how the government should force banks to release slips in advance of a return deadline, yadda yadda. Okay, a couple of times I have, because that’s what I do in the privacy of my sweet home.

But because I finally know about accessing my own power, I simply wrote a letter to the tax folks. In a few polite sentences, the letter merely asked: Where this is the case, how am I to meet this deadline? Is it possible for me to have the trust’s return deadline moved to, say, June? (Why yes, yes it is.)

Remembering to access the power I do have—ask a question, reschedule an appointment, look up legislation—dramatically increases my ease while I navigate a complex, sophisticated system I don’t actually feel I was designed for. And on a day in which I felt I needed to channel Captain Awkward all day long, this is very cool.


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