Trust Tax Planning in Calgary

Calgary Tax Accountant

Trusts can be extremely flexible tools used in professional estate planning. A trust is created by the transfer of an asset to a trustee who will look after it for the benefit of another person or persons. A trust can help you with both family-related and tax-related planning issues.

The utilization of a trust in tax planning has many advantages, not limited to the following:

  • Freezing the value of one's estate
  • Business succession planning
  • Income splitting for adults
  • Multiple use of the $800,000 capital gains deduction
  • Residence planning, including your principal residence, cottage, and US owned property
  • Deferring capital gains
  • Inter provincial tax planning (utilizing lower personal tax rates in other provinces)
  • Confidentiality, including avoiding unnecessary publicity of your wishes
  • Control
  • Preserving assets
  • Family law protection and protecting family assets
  • Providing for special needs (disability)
  • Reducing probate fees
  • US estate tax planning
  • International estates

The type of trust chosen is very important in providing for your wishes. There are a surprising number of different types of trusts commonly recognized for income tax purposes, including trusts created during your lifetime and testamentary trusts which are set up in your will. They form an important part of the toolkit available in planning your estate and achieving your wishes.

Some of the types of trusts that we use to accomplish the needs and wishes of our clients include:

  • alter ego trust
  • bare trust
  • blind trust
  • charitable purpose trust
  • commercial trust
  • discretionary trust
  • health and welfare trust
  • immigration trust
  • inter vivos trust
  • joint spousal trust
  • personal trust
  • non-discretionary trust
  • non-resident trust
  • henson trust
  • mutual fund trust

Speak to our Calgary CPA to enquire about how trusts can assist you with your wishes and in minimizing your personal income taxes.


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