Testamentary Trust

Significant Changes to Canada Tax Rules for Testmentary Trusts

Testamentary TrustOne of the major changes in the recent Canada Federal Budget was the elimination of a significant tax saving vehicle through the use of a testamentary trust. From a tax perspective, we’ve been allowed to do use testamentary trust (the trust that is created upon someone’s death) to gain a major tax advantage upon somebody’s death ever since family trusts came into play.

Forgive me for this rather morbid example but it is necessary to understand the concept at work here. Let’s say mom and dad pass away with a significant amount of wealth. They have four children that have… Continue reading

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