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1. • • A family trust, also known as a “by-pass trust,” is a trust created by a married couple with a large estate for the purpose of avoiding federal estate taxes when the first spouse dies.
     legaldictionary.net/family-trust/

     Family Trust - Definition, Examples, Processes

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   What is a family trust & how does it work?

   • Family trusts provide asset protection, help families achieve their financial goals, and allow for the transfer of assets to family members in a tax-efficient manner.

   Family trusts: Recent changes and continued benefits

   www.bccpa.ca/news-events/cpabc-newsroom/2020/family-trusts-recent-changes-and-continued-benefits/

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   Is a family trust a separate legal entity?

   • A family trust is not a separate legal entity the way that a corporation is, but a trust is treated as such under Canadian tax law. A family trust is considered a separate taxpayer. The trust must file its own T3 tax return, report its own income, and pay its own income tax bill.

   How Do Family Trusts Work in Canada? (2024) | Onyx Law Group

   onyxlaw.ca/how-do-family-trusts-work-in-canada/

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   Should a family trust be used for a business?

   • Accordingly, any strategy involving the use of a family trust in the context of a family business should be made only with the involvement of a professional advisor who is familiar with family trusts and the family’s business interests. It is also important to be aware of the costs that would be involved in planning and establishing a family trust.

   Family Trusts - Willems Wealth Planning

   willemswealthplanning.ca/docs/guide-family-trusts.pdf

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   What is an example of a family trust?

   • For example: Where a family trust is created in the context of an estate freeze, a grandparent or family friend might establish a family trust using a gold coin; alternatively, a cash gift (for example, a gift of $500) could be made, which would be used to purchase a coin for the trust and to pay the trust’s expenses.

   Family Trusts - Willems Wealth Planning

   willemswealthplanning.ca/docs/guide-family-trusts.pdf

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3. www.bdo.ca › insights › understanding-family-trustsUsing family trusts for tax and estate planning | BDO Canada

   www.bdo.ca › insights › understanding-family-trusts

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   Oct 12, 2022 · A family trust allows individuals to create and preserve a financial legacy while at the same time protecting their assets for their family. Let’s take a closer look at the key tax benefits and issues associated with family trusts.

4. onyxlaw.ca › how-do-family-trusts-work-in-canadaHow Do Family Trusts Work in Canada? (2024) | Onyx Law Group

   onyxlaw.ca › how-do-family-trusts-work-in-canada

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   Feb 2, 2024 · A family trust offers tax benefits and the potential to minimize your tax burden. A family trust is not a separate legal entity the way that a corporation is, but a trust is treated as such under Canadian tax law. A family trust is considered a separate taxpayer.

5. legaldictionary.net › family-trustFamily Trust - Definition, Examples, Processes - Legal Dictionary

   legaldictionary.net › family-trust

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   May 24, 2015 · A family trust, also known as a “by-pass trust,” is a trust created by a married couple with a large estate for the purpose of avoiding federal estate taxes when the first spouse dies.

6. willemswealthplanning.ca › guide-family-trustsFamily Trusts - Willems Wealth Planning

   willemswealthplanning.ca › guide-family-trusts

   A family trust can be used to assist in asset protection along with purification of passive assets prior to the sale of the family business. A family trust can be used to access multiple capital gains exemptions in the eventual sale of a family business providing significant tax savings.

7. www.swanwealthcoaching.com › knowledge-centreFamily Trusts in Canada | Estate Planning and Wealth Management

   www.swanwealthcoaching.com › knowledge-centre

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   A family trust is set up to hold and pass on family property. It is typically used to reduce taxes and have family members in lower tax brackets realize the income. What is a trust?

   • Location: 1726 Dolphin Ave., Suite 500, Kelowna, V1Y 9R9, BC

   • Phone: (250) 979-1805

8. ca.rbcwealthmanagement.com › documents › 3798936Living/family trusts - RBC Wealth Management

   ca.rbcwealthmanagement.com › documents › 3798936

   Living/family trusts. A living trust can be an effective wealth planning tool in the appropriate circumstances, facilitating strategies such as income splitting, business succession planning and charitable giving. This article provides a general overview of living trusts established in common-law provinces in Canada.

9. www.bccpa.ca › news-events › cpabc-newsroomFamily trusts: Recent changes and continued benefits

   www.bccpa.ca › news-events › cpabc-newsroom

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   Jun 3, 2020 · Family trusts provide asset protection, help families achieve their financial goals, and allow for the transfer of assets to family members in a tax-efficient manner. As a result, family trusts will continue to be a useful and necessary strategy when planning for private enterprise structures, and it is our job as tax practitioners to ...