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TAX & ESTATE - BMO

F: ESTATE . In-trust accounts In-trust accounts are increasingly popular. They can provide a tax efficient opportunity to provide a savings plan for a child to help offset future education costs or a nest egg for a beneficiary when he or she reaches the age of majority. For the donor, they offer not just investment potential, but also the opportunity to split the capital gains portion of the total return on the investment with a minor. The following provides an overview of in-trust accounts. What is an in-trust account?

generally taxed more favourably than investment income. For this strategy to work, care must be taken to ensure that the in-trust account complies with the applicable tax rules. The provisions of the Income Tax Act (Canada) state that both income as well as capital gains earned by a trust may in some situations be attributed back to the donor.

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