Help your client find his way around a poorly written trust
Fiduciary Trust Canada has hired Diane Tom as vice president of Personal Trust Services.
Setting up a trust account to fund an athletic child’s educational expenses is akin to gifting the money. Parents who want to be repaid should draft a promissory note.
Big changes to CRA’s rules for testamentary trusts take effect in 2016.
The second STEP 2014 session from today was about Canadian trust issues for non-resident beneficiaries. Here are some of our live tweets.
Liz and Mike are both accountants in their late 40s. Their only child, Jordan, is 16 and has Down syndrome. He’s living a happy, fulfilling life, and his parents plan to put away money to cover needs he may have after they pass away. They want to create a Henson Trust, a fully discretionary trust that can grow to any amount without affecting certain means-tested government benefits. Since the trustee will have full control over distributions, choosing the right person is critical.
One misstep can mean a big tax bill or thwarted intentions
Budget 2014 announced several structural adjustments
Budget 2014 expanded the Kiddie Tax, making it more challenging to split business income with minor children. The new rules apply to the 2014 taxation year onward.
Prepare clients for all costs of owning, renting or selling property.