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Beginning in 2021, most family trusts will be required to file tax returns with the CRA even if those trusts don't earn income or make distributions. The CRA also is seeking more information about settlors, trustees and beneficiaries

The CRA recommends trust administrators start filing online because it’s a much simpler and faster process

  • By: Leah Golob
  • January 12, 2018 January 21, 2018
  • 10:30

The proposals concern investment funds, charitable donations and spousal trusts

New tax rules may cause spousal trust assets to be taxed in the hands of someone who does not receive the assets

This type of trust can be especially useful for clients with blended families

For clients 65 and older, these living trusts can provide a number of important advantages

A review of the key types of trusts and how they are used in financial planning

A wealthy family looks for advice about how to reduce taxes on future capital gains, including transferring the anticipated increase in the appreciation in the husband's shares in the firm in which he works to his wife and the three children

Make sure your clients know about the services you provide

Following a series of recent, significant judgments, it has become crucial to know where your clients' trusts are actually managed. Failure to stay on top of the new rules could result in higher than expected taxes on assets held inside these trusts