Comments on: Types of Trusts http://blog.taxresource.ca/types-of-trusts/ Canadian Tax Help & Financial Planning Resources Fri, 10 Feb 2012 21:16:28 +0000 hourly 1 http://wordpress.org/?v=3.3.1 By: Tax Guyhttp://blog.taxresource.ca/types-of-trusts/comment-page-1/#comment-10095 Tax Guy Tue, 08 Mar 2011 15:36:22 +0000 http://blog.taxresource.ca/?p=60#comment-10095 Lorraine,A business, a trust, and an account are all separate things! A business can be a sole proprietorship or a corporation and can holds its cash or investments in an account at a bank or brokerage.A trust is a legal relationship and arrangement between three parties and considering property. A trust can one a business and have its own account.It sounds like you have an estate freeze, where the trust holds the shares of the business. If this is the case, then withdrawing the funds from the business will have adverse tax consequences and you should work with an accountant to structure the withdrawal to minimize the tax issues. Lorraine,

A business, a trust, and an account are all separate things! A business can be a sole proprietorship or a corporation and can holds its cash or investments in an account at a bank or brokerage.

A trust is a legal relationship and arrangement between three parties and considering property. A trust can one a business and have its own account.

It sounds like you have an estate freeze, where the trust holds the shares of the business. If this is the case, then withdrawing the funds from the business will have adverse tax consequences and you should work with an accountant to structure the withdrawal to minimize the tax issues.

]]> By: Lorraine Whttp://blog.taxresource.ca/types-of-trusts/comment-page-1/#comment-10093 Lorraine W Tue, 08 Mar 2011 14:11:53 +0000 http://blog.taxresource.ca/?p=60#comment-10093 We have a Business account that acts as a trust as we are retired from business. We do not know how to get it put in our name with out tax problems. Can this account be made into a trust to benifit our inheriters and charity's without big tax problems? We have a Business account that acts as a trust as we are retired from business.
We do not know how to get it put in our name with out tax problems. Can this account be made into a trust to benifit our inheriters and charity’s without big tax problems?

]]> By: Tax Adminhttp://blog.taxresource.ca/types-of-trusts/comment-page-1/#comment-1610 Tax Admin Mon, 08 Dec 2008 15:32:00 +0000 http://blog.taxresource.ca/?p=60#comment-1610 The province of residence for any trust or estate is the province (or country) where the trustees reside. The province of residence for any trust or estate is the province (or country) where the trustees reside.

]]> By: Margaret McPhersonhttp://blog.taxresource.ca/types-of-trusts/comment-page-1/#comment-1604 Margaret McPherson Fri, 05 Dec 2008 01:18:21 +0000 http://blog.taxresource.ca/?p=60#comment-1604 What is the province of residence for a testamentary trust? Is is the province of the trustee or province where probate is granted? Require for T3 Return calculations. Thank you What is the province of residence for a testamentary trust? Is is the province of the trustee or province where probate is granted? Require for T3 Return calculations. Thank you

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