(June 27 – 11:30 ET) – The Investment Funds Institute of Canada is reminding advisors about the benefits of in-trust accounts as a method of saving for a child’s education.
IFIC says that although RESPs have become an extremely popular saving vehicle since the federal government sweetened the incentives to use them, in-trust accounts still have their benefits. It has just released a new memo to members outlining some of the legal and tax implications attached to informal in-trust accounts.
The memo includes the updates on the latest tax changes, discusses legal issues and it updates the list of provinces which allows trustees to invest in mutual funds.
The memo can be viewed in the member’s area of IFIC’s web site under the Taxation Steering Committee section of the Regulation and Committees area.