This is done to ensures proper distribution of your assets to the beneficiaries and saving huge amount of potential taxes.
This planning is a complex matterand requires two major expertise, legal and accounting.
Only some lawyers and only some accountants have this expertise.
So, you have to hire two professionals for proper Estate Planning.
You may manage with only one if you can find a lawyer with strong background in taxation or an accountant with strong background in estate law.
We at H&T Accounting Service can help you to:
- Prepare Trust Income Tax (TIT) returns
- Prepare Final Returns of deceased persons
- Determine how much taxes could be saved by getting the trust designated Gradual Rated Estate (GRE)
- Ensure the Trust is structured to minimize damage from the new powerful Tax On Split Income (TOSI)
- Do all necessary accounting of the trust and prepare reports for the satisfaction of beneficiaries
- Procure from CRA a Tax Account Number (TAN) for your trust
- Procure from CRA the necessary Clearance Certificates
- Plan tax related terms for a trust you want to setup
- Plan transactions to eliminate triggering of Double Taxation.