New Trust Reporting Rules
Bare trusts and in-trust (ITF) accounts may need to file a T3 income tax return.
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January 31, 2024
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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May 9, 2010
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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May 7, 2008