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A trust is simply the word used to describe the relationship created when property is transferred by one person (the “settlor”) to another (the “trustee”) to hold for the benefit of specified persons or a class of persons (the “beneficiaries”). Subject to tax and other considerations, it may be possible for the settlor and the ...
Mar 25, 2009 · Bank accounts and Records. The CRA or a beneficiary may request detailed records of each trust’s financial transactions. Trustees should establish a bank account for each distinct trust and keep records of all revenues and expenses (including receipts) to assist with this accounting. It may also be useful to obtain a credit card for each trust.
The funding of the trust should come from non-taxable sources (i.e. a capital dividend from a private corporation) or prescribed-rate loans. Simply having the trust acquire assets without proper consideration of the potential tax implications related to financing of those assets could erode the benefits of income splitting.
Mar 4, 2024 · For more details on bare trust planning, visit eState Planner’s webinar library for a webinar recording on bare trusts. But as of this year, there is another crucial factor to be considered - the new trust reporting requirements. New trust reporting requirements for bare trusts and other trusts
Jan 30, 2024 · A trust operates as a specialized vessel, safeguarding assets or wealth for the benefit of others. A trust involves 3 key players: The Settlor: This is the person who initiates the trust. They are the owner of the wealth or property and are giving it to the beneficiary. The Trustee: This person oversees and manages the trust’s assets ...
Mar 28, 2023 · A trust is a fiduciary relationship in which one party, known as a grantor or settlor, gives another party, the trustee, the right to hold title to property or assets for the benefit of a third party, the beneficiary. Trusts are established to provide legal protection for the trustor’s assets, to make sure those assets are distributed ...
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Apr 17, 2024 · Trusts allow you to control how your assets are distributed to your heirs or other beneficiaries. A trust can also help you reduce your tax burden, depending on the type of trust you use and how you manage its distributions. Establishing a trust is one of the best ways to plan your estate ahead of time. In today’s guide, we will examine the ...
