The Benefits And Dangers Of Joint Accounts

This articles discusses the general issues around joint accounts (in all provinces except Quebec). Why Have Joint Ownership? Many people set-up joint accounts for a variety of reasons. For a married or common law couple, it could be for the day-to-day management of expenses. The account provides all parties equal access to the funds in the account to pay bills and manage…

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Understanding The Types of Trusts

There are two different types of personal trusts referred to in the Income Tax Act: Testamentary trusts and inter vivos trusts (Inter vivos literally means "among the living"). Testamentary trusts arise out of or on the consequence of the death of an individual and an inter vivos trust is any other personal trusts that are not testamentary trusts. Note however…

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What Is A Trust?

Simply speaking a trust is a relationship where one person (the settlor) transfers assets to a trustee for the benefit of a third person (beneficiary). The trustee manages the assets for the benefit beneficiary. In more formal terms, a trust is a relationship whereby a person (the settlor or donor) transfers property to another person (the trustee) for the benefit…

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