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Certificate Course
Use of Trusts in Tax and Estate Planning
Program
DMA™ - Retirement Income Services Specialist
Overview
For most Canadians, and many of their advisors, the use of trusts in tax and estate planning is in focus for higher net worth families with complex business or financial dealings; no concern, really, until someone dies. Most people understand that upon death of a taxpayer, it is possible to have assets held in trust until distribution or for income or capital distribution, depending on the deceased’s wishes in the Will.
EnrolCourse Content
Introduction | Recent Changes to the Taxation of Trusts
Chapter 1 | Basic Trust Mechanics
Chapter 2 | Trusts as Mechanisms to Exert Control
Chapter 3 | Basic Tax Treatment
Chapter 4 | Testamentary Trusts
Chapter 5 | Inter Vivos Trusts
Chapter 6 | Charitable Remainder Trusts
Chapter 7 | Alter Ego and Joint Partner Trusts
Chapter 8 | Insurance and RRSP Trusts
Chapter 9 | Spousal Trusts
Chapter 10 | Trusts for Disabled Beneficiaries
Student Experience
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.
—Halina S., AB
Opportunity
However, starting with the taxation year ending December 31, 2023, a 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.
Who Should Attend
Trusts are used on an ever-increasing basis to plan for wealth and succession objectives for medium and high worth clients. An advisor who can assist with that process enjoys the opportunity to nail down long-term, intergenerational connections with clients and their families.
Why You Should Attend
Recently updated, the Introduction to Trusts course offered by Knowledge Bureau offers everything from basic trusts mechanics to trusts for disabled beneficiaries.
Recent changes include an 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, along with a copy of the T4013 T3 Trust guide and T3 Schedule 15 so that you can help your clients stay onside.
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.
What You'll Learn
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.
What’s Included
• Personal course selection consultation
• Virtual campus orientation
• Lesson and study plans
• Personal instructor email support
• Comprehensive Knowledge Journal
• EverGreen Online Research Library
• Knowledge Bureau calculators
• Testing and certification
• CE/CPD accreditation
Marking Guide
All students who pass the course will receive a certificate. Students who receive a mark of 90% or better will receive a gold honours bar on their certificates.
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Complement your online education with CE Summits. Held in November, January and May, these one-day, instructor-led workshops offer peer-to-peer learning experiences to students who prefer studying in groups.
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