COVID-19 | Family Trusts Important Changes

Often, for tax planning or other purposes trusts are created, for example, to own shares of private corporations. Until this year, these and other similar trusts were not required to file an annual trust tax return. As of 2021, all trusts, with a few exceptions, will be required to report the identity of all trustees, beneficiaries, and settlors of the trust.

Income Splitting for Tax Purposes

Over the last while the tax authorities have shut down many of the last “acceptable” income splitting plans.
One of the few remaining is perhaps the simplest, a loan from a spouse in a higher income tax bracket to his or her spouse who is in a lower income tax bracket.

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