Share on LinkedInShare on LinkedIn

ARTICLE · 19 JUNE 2012

Did You Know? Trustee’s Tax Liability

In recent years, many trusts have been created for tax planning purposes. A trust is a patrimony created by an individual who donates property (the settlor).

CanadaTax

With the collaboration of Philip Hazeltine

In recent years, many trusts have been created for tax planning purposes. A trust is a patrimony created by an individual who donates property (the settlor). When a trust is constituted, one or several trustees are appointed to administer the affairs of the trust and hold its assets. Quite often, a professional will agree to act as a trustee of a trust created for their client. The involvement of this professional trustee in the day-to-day business of the trust is sometimes limited, which can have serious consequences for the professional trustee.

In a recent criminal case, Sous-ministre du revenu du Québec c. Roy Gordon Harris, Mr. Harris was charged with at least 18 counts of fraud by the sous-ministre du revenu du Québec, under the Tax Administration Act ("TAA"), for having willfully fail to file the returns of several trusts. Mr. Harris acted as the trustee of these various trusts (the "Harris Trustee") and it is in

We operate a free-to-view policy, asking only that you register in order to read all of our content. Please login or register to view the rest of this article.

See more popular content from