Jamie Golombek, managing director, tax and estate planning, CIBC Private Wealth Management, reports that Budget 2014 proposes an immediate end to the 60-month exemption on immigration trusts, without grandfathering. The budget proposal requires that tax be paid immediately on investment income earned in non-resident trusts. He spoke from the Budget 2014 lockup in Ottawa.
Stricter rules for charities twill be outlined in 2014 federal budget
Some experts contend the budget will not contain costly initiatives
Flaherty says government will balance budget in 2015