Taxation of Domestic Trusts - Fundamentals

CPD Hours: 7 |

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Taxation of Domestic Trusts - Fundamentals
Taxation of Domestic Trusts - Fundamentals

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Summary

     

    Overview:

    Trust law originated thousands of years ago when ancient monarchs granted their land to previous owners in their absence. Fast-forwarding to the current era, this course provides accountants who prepare trust returns, who advise clients with trust structures, or who are considering trust structures with a functional knowledge of the applicable tax rules and the ability to issue-spot potential problems that may require specialist assistance. You will develop a better knowledge of the rights and duties of settlors, trustees, and beneficiaries. The inter vivos and testamentary trust context will both be discussed.

    This course provides an overview of trust relationships, how to complete basic returns for trusts and their beneficiaries, and how to identify and communicate basic tax planning benefits and opportunities that involve family trusts. This course reviews the basic tenants of trust law, the provisions of the Income Tax Act, case law, and CRA administrative positions that are fundamental to the taxation of trusts.

     

    Course Content:

    In this course, you will gain knowledge about the following topics:

    • Recognizing the need for a trust structure
    • Overview of trust law
    • Design of a trust
    • Types of trusts
    • Taxation of trusts
    • Taxation of beneficiaries
    • Trusts and estates
    • Planning opportunities
    • Administration

     

     

    Learning Objectives:

    Upon completing this course, you should be able to:

    • Describe the income tax treatment of trusts and their beneficiaries
    • Identify potential tax risks or tax issues associated with trust structures
    • Analyze whether clients would benefit from a trust structure

     

     

    Who Will Benefit: 

    Practitioners who wish to gain an understanding of trust taxation or wish to refresh their knowledge and stay abreast of current issues to better advise their clients.  

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