32(1)Unless the trust instrument provides otherwise, for each fiscal period of a trust, the trustees shall provide to the qualified beneficiaries a report in respect of the trust that includes the following:
(a)
for the fiscal period in which the trust is created, a statement of the assets and liabilities of the trust and the value of those assets and liabilities at the time the trust is created;
(b)
a statement of the assets and liabilities of the trust and the value of those assets and liabilities at the beginning and end of the fiscal period;
(c)
the basis for the valuations of the assets of the trust, if the trustees consider it practicable;
(d)
a statement of receipts and their sources for the fiscal period; and
(e)
a statement of disbursements and their recipients for the fiscal period.
32(2)A report under subsection (1) in respect of a fiscal period shall be delivered no later than 60 days after the end of the fiscal period.
32(3)On the written request of a qualified beneficiary, the trustees shall allow the beneficiary to inspect the source documents for the statements referred to in subsection (1).
32(4)Subject to subsection 33(2), the trustees are not required to disclose information under this section if, in the opinion of the trustees, the disclosure would
(a)
be detrimental to the best interests of any beneficiary or otherwise be prejudicial to the trust property or the administration of the trust,
(b)
conflict with any duty owed by a trustee as a director of a corporation in which the trust has an ownership interest,
(c)
reveal the reasons why the trustees did or did not exercise a power conferred by the trust instrument or an enactment,
(d)
place an unreasonable administrative burden on the trustees, or
(e)
place the trustees in breach of obligation, properly assumed by the trustees, to maintain confidence.
32(5)A beneficiary may waive, by delivering written notice to the trustees, the right to a report or to specific information in the report that is required to be given under this section.
32(6)A beneficiary may revoke a waiver by delivering written notice to the trustees.
32(1)Unless the trust instrument provides otherwise, for each fiscal period of a trust, the trustees shall provide to the qualified beneficiaries a report in respect of the trust that includes the following:
(a)
for the fiscal period in which the trust is created, a statement of the assets and liabilities of the trust and the value of those assets and liabilities at the time the trust is created;
(b)
a statement of the assets and liabilities of the trust and the value of those assets and liabilities at the beginning and end of the fiscal period;
(c)
the basis for the valuations of the assets of the trust, if the trustees consider it practicable;
(d)
a statement of receipts and their sources for the fiscal period; and
(e)
a statement of disbursements and their recipients for the fiscal period.
32(2)A report under subsection (1) in respect of a fiscal period shall be delivered no later than 60 days after the end of the fiscal period.
32(3)On the written request of a qualified beneficiary, the trustees shall allow the beneficiary to inspect the source documents for the statements referred to in subsection (1).
32(4)Subject to subsection 33(2), the trustees are not required to disclose information under this section if, in the opinion of the trustees, the disclosure would
(a)
be detrimental to the best interests of any beneficiary or otherwise be prejudicial to the trust property or the administration of the trust,
(b)
conflict with any duty owed by a trustee as a director of a corporation in which the trust has an ownership interest,
(c)
reveal the reasons why the trustees did or did not exercise a power conferred by the trust instrument or an enactment,
(d)
place an unreasonable administrative burden on the trustees, or
(e)
place the trustees in breach of obligation, properly assumed by the trustees, to maintain confidence.
32(5)A beneficiary may waive, by delivering written notice to the trustees, the right to a report or to specific information in the report that is required to be given under this section.
32(6)A beneficiary may revoke a waiver by delivering written notice to the trustees.