Taxpayers have been given too little time to plan next steps, CBA-CPA joint committee says
Kevin Wark explains how to navigate the 2016 tax changes to testamentary trusts
Even though testamentary trusts will be taxed at the top tax rate next year, there are ways to use them effectively for clients, according to a tax and estate-planning expert
Trust and estate practitioners are waiting for Finance Canada to provide more clarity regarding the legislative changes
Despite changes to the tax treatment of testamentary trusts, experts say they still have benefits
Despite tax changes, these trusts can be useful in certain estate planning scenarios
The feds have eliminated two commonly used tax planning techniques involving trusts
Jamie Golombek, managing director, tax and estate planning, CIBC Private Wealth Management, reports that the Budget 2014 proposes an end to graduated rates for testamentary trusts. He asserts these trusts are still an important vehicle for clients under the proposed new structure. He spoke from the Budget 2014 Lockup in Ottawa.
Proposed changes are largely in line with those the government proposed in a consultation paper it released in June 2013
The government is open to comments from the public on its intention to tax testamentary trusts at the highest marginal tax rate until Dec. 2