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NEW In-House Counsel | Insurance | Intellectual Property | Immigration | Natural Resources | Real Estate | Tax

GREs offer flexibility in claiming tax credits, reward charitable giving in wills

Monday, September 25, 2017 @ 10:58 AM | By Matthew Urback

At the beginning of 2016, certain trusts lost what was considered to be an immensely beneficial trait: the ability for income earned within the trust to be taxed at graduated rates. From that point forward, testamentary trusts would generally now be subject to tax at the highest marginal rate, which of course would lead to more tax payable and less income retained.

Needless to say, allowing the Canada Revenue Agency to have its hand further in the pocket of these testamentary trusts is a significant change....