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ARTICLE · 16 MARCH 2015

Recent Changes In Canada In The Areas Of Trusts And Estates Law

Miller Thomson
Miller Thomson
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Miller Thomson

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Canadian practitioners frequently use trusts to execute tax, personal succession, and business succession planning strategies for their clients.

CanadaTax
Mary Bueschkens
Mary Bueschkens
Rae Rechtsman
Rae Rechtsman
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Abstract

This article discusses various types of trust planning currently and historically used by practitioners in Canada for their Canadian resident clients. Additionally, it explores the recent legislative changes to the Canadian trust and taxation laws that impact those types of planning, and the benefits previously associated with those structures. These changes include elimination of preferential tax treatment of testamentary as well as immigration trusts. Considerations of how to deal with these changes are also explored. Finally, an analysis of tax amnesty in Canada, known as the Voluntary Disclosure Program, is discussed.

Executive Summary

Canadian practitioners frequently use trusts to execute tax, personal succession, and business succession planning strategies for their clients. While the laws applicable to the tax and other benefits derived from trust planning at any given point in time will continue to be subject to change based on the

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