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The following is reproduced from the Canada Revenue Agency web site at: http://www.cra-arc.gc.ca/tax/nonresidents/trusts/types-e.html, dated 2005-05-05
A trust is either a Testamentary Trust or an Inter Vivos Trust. You need to know the type of trust, since different tax rules apply to different trusts. The following are different types of trusts:
Testamentary trust
A testamentary trust is a trust [...]
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The family cottage. It is that most Canadian of legacies where the memories made become part of family lore. That’s is why it’s important that your cottage, and all that it represents, stays within your family for generations to come.
In the eyes of the Canada Revenue Agency (CRA), your cottage is considered a capital asset. [...]
Setting up and Funding Your Buy-Sell Agreement… We can help!
A Buy-Sell agreement is a contract in which the owners of a business agree that if one of them dies, or leaves the business for any other reason, the other(s) will purchase his or her interest in the business. The parties to the contract may be [...]
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Are you the owner of a private corporation with surplus corporate assets, whose family will inherit the company? If your company invests these surplus assets, you get a double tax hit. First, your corporation pays tax annually on all the growth of the investments. Secondly, the surplus assets add to the value of your corporation, [...]
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Spouse trusts may be used either for inter vivos gifts, or testamentary bequests.
A spouse trust can be a very effective means of addressing estate planning and succession issues. It has all of the tax-deferral advantages of leaving estate property to a spouse, plus the ability to preserve the assets of a family estate. In the [...]
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More than 120,000 Canadian farmers will turn 65 within the next decade. $50 billion in farm assets will be forced to change hands. Yet, despite this impending retirement boom, and our own inevitable mortality, only two to four percent of farmers have a documented farm succession plan. This according to a study released by the [...]
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What is a Living Trust?
A trust is a legal entity under which one person, called a trustee, holds title to property or assets for another person, called a beneficiary. Also known as an inter vivos trust, a living trust is a trust you create while you’re alive, rather than one that is created at your [...]
What exactly is a buy-sell agreement? It is a contract in which the various owners of a business agree that if one of them dies, or leaves the business for any other reason, the others will purchase his/her interest in the business. The parties to the contract may be partners, agreeing to purchase the interest [...]
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Testamentary trusts can provide significant tax benefits because of preferential treatment such trusts receive under the Income Tax Act.
Testamentary trusts are often overlooked by estate planners when preparing a client’s estate plan. But testamentary trusts can provide significant tax benefits because of preferential treatment such trusts receive under the Income Tax Act. Placing assets in [...]
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Protect Your Business
One of the biggest difficulties faced by a privately held corporation is the death of one of the shareholders. The loss of a key shareholder can negatively affect the ongoing viability of your business if immediate steps are not taken to reassure creditors, employees, suppliers and investors. This makes business succession planning so [...]
My husband died at the age of 59 may 24 2003
I was 57...I am 64 now
My income is 30,000
Have I ...
I was wondering my step aunty is POA for my dad and he has passed away is the POA responsible ...
After reading this, I was not too impressed with the way my mortgage renewal went! It so happens that ...
Having executed a will in accordance with all requirements what are the provisions for 'winding up ' the operation? Is ...
Correction to my posting I was under 35 years old (31 to be precise)
My husband passed away 28 years ago, I was under 25 at the time and was told I was not ...
Will I receive my old age pension if I move out of the country.
I also get CPP. 
I just sat reading most of the comments on CPP and OAP pensions. I find most of these very ...
Hi
I am getting 65 years and entitled for CPP and Old Age Security but my wife is only 59 years ...
My wife has never worked outside of the home. When she reaches 65 will she be entitled to OAS ...
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