Learn to File T3 Trust Returns

“This course provides an extensive knowledge about the use of trust in tax and estate planning and is to be recommended as part of a background for a tax professional. It clearly spelled out the structure, advantages and disadvantages of each type of trust. The study cases give a valuable insight into handling a variety of situations where the establishment of a trust is warranted." 

This is just one of the many testimonials from graduates of this valuable certificate course have said.  Here’s what’s in it and why you might consider taking it – or having a staff member take it, too.

Broad-based tax change requires millions more people to file T3 Trust returns, based on routine planning structures they have in place.  In this course, we will cover what has changed, and overview the basic usage of trusts for specific purposes, such as to protect assets, exert control, ensure privacy, share wealth and obtain tax efficiencies.  Recently updated, the Introduction to Trusts course offered by Knowledge Bureau offers everything from basic trusts mechanics to trusts for disabled beneficiaries.

Learn about the expansion of the reporting requirements for all trusts, including trusts with no income and anticipated requirements for bare trusts.  Understand the impact of these rules.   

You will come to understand the basics of trusts and learn how to explain them to clients. You'll also learn how to avoid probate fees using alter ego trusts and RRSP trusts, and reduce income taxes using charitable remainder trusts, estate freezes, and testamentary trusts.

Among the subjects covered is learning how to protect children from gold-diggers, protect wealth from creditors, and safeguard beneficiaries from poor financial judgment using control designed trusts. Also covered is learning to help clients with disabled beneficiaries.

You will also learn about graduated rate estates and utilizing capital and business losses. Identifying opportunities and needs for insurance products as part of trust planning is a subject area as well.

Every financial advisor who discusses tax, financial or investment plans with clients should have a basic understanding of the taxation of trusts in order to discuss estate planning options with clients. This course provides a detailed primer in the subject area, featuring common true-to-life scenarios.

Introduction | Recent Changes to the Taxation of Trusts

New trust tax reporting rules have caused confusion and disruption for clients and their professional advisors. Learn how to tackle these new reporting situations in the ever-shifting tax landscape.

Chapter 1 | Basic Trust Mechanics

Learn how a trust works, how it fits into the legal landscape, and what documents are necessary to create a trust.

Chapter 2 | Trusts as Mechanisms to Exert Control

Learn to analyze trusts as efforts on the part of the settlor to exert control over the world around the settlor, including measures to control the ultimate destinations of wealth through subsequent users, the conduct of beneficiaries, and the conduct of the government. Understand the role trusts can play in estate planning.

Chapter 3 | Basic Tax Treatment

Learn the basic treatment that a trust receives under the Income Tax Act (Canada), the tax filings required for a trust, how income is allocated to beneficiaries, how to decide what province or territory will have income tax jurisdiction over the trust, and basic information relating to tax credits and exemptions that apply.

Chapter 4 | Testamentary Trusts

Learn how a testamentary trust is structured, the various tax advantages attaching to it, and a variety of planning opportunities available through the use of a testamentary trust.

Chapter 5 | Inter Vivos Trusts

Learn how inter vivos trusts are used for estate planning, and the income tax implications for the settlor of the trust, the trust itself, and the taxpayers.

Chapter 6 | Charitable Remainder Trusts

Learn how a charitable remainder trust is used to reduce income taxes now for a gift that takes effect in the future.

Chapter 7 | Alter Ego and Joint Partner Trusts

Learn the necessary elements to qualify a trust as alter ego or joint partner, the special tax treatment available to the settlor and available to the trust itself, how to manipulate income attribution, planning purposes that drive the use of such trusts.

Chapter 8 | Insurance and RRSP Trusts

Learn how to fund a life insurance trust using a beneficiary declaration, the different types of documents that can be used to establish the terms of the trust, critical errors that can be made in selecting particular insurance policies to fund insurance trusts, and planning general tax planning strategies pertaining to insurance trusts. The student will also learn the basic structure of a “RRSP” trust, the circumstances where such trusts might be advisable, and the advantages and disadvantages that they entail.

Chapter 9 | Spousal Trusts

Learn structural requirements for a spousal trust, the special and preferential tax treatment available to qualifying spousal trusts, the various planning purposes that can be pursued, situations where spouse trusts are warranted, application in second marriage situations, common drafting errors made in establishing such trusts.

Chapter 10 | Trusts for Disabled Beneficiaries

Learn how trusts are used to improve the lives of disabled beneficiaries, special tax rules available to such trusts, strategies to deal with income, the impact on government income support and programs, and different strategies to use in different situations.

Register online