Decent video, It would have been better if you had worked through that excel sheet example to the end to show the splitting of the deferred capital gain
If you add a vacation property (non-rental) to a family trust, and the next generation continues to hold and use the vacation property, is the utilization of this property a taxable benefit?
Questions: 1. When you execute the estate freeze and transfer the portfolio to the Family Trust. Will land transfer tax get triggered for each individual properties? 2. Can members of the beneficiaries in a family trust be interchangeable? Add and remove individuals? What are the penalties or tax implications if you do so?
Interesting video. Can you do a video about setting up a family foundation for donations? Or is that similar to what you have mentioned here? Thank you
is the family trust an active business? It would be collecting rental income for example or interest and it’s a passive company isn’t it?
Decent video, It would have been better if you had worked through that excel sheet example to the end to show the splitting of the deferred capital gain
Thanks for the suggestion, will be mindful for next time
If you add a vacation property (non-rental) to a family trust, and the next generation continues to hold and use the vacation property, is the utilization of this property a taxable benefit?
Questions:
1. When you execute the estate freeze and transfer the portfolio to the Family Trust. Will land transfer tax get triggered for each individual properties?
2. Can members of the beneficiaries in a family trust be interchangeable? Add and remove individuals? What are the penalties or tax implications if you do so?
1. potentially depending on who owns the properties to begin with
2. potentially, based on how you word your trust document
If I transfer property to a family trust, does capital gain tax need to be paid right away?
What’s your company name? Would love to speak with you?
Hi, you can reach out to us at realestatetaxtips.ca/contact-us/. Thanks!
Interesting video. Can you do a video about setting up a family foundation for donations? Or is that similar to what you have mentioned here? Thank you
Great idea! I'll keep that in mind for future video production.
Your comment about dividends distributed to a family trust, then to the beneficiaries would fall under TOSI rules. Be careful advising this to clients
Thank you and appreciate it. We always take into account the implication of TOSI