Webcast description

This is the first of a two-part presentation on the taxation of trusts, which is intended for an audience with a basic understanding of trust fundamentals. This part covers three topics:

• The non-tax uses of trusts, the understanding of which is critical to a tax advisor dealing with trusts;
• Income splitting strategies and capital gains splitting strategies; and
• Tax traps — rather than a list of "pitfalls for the unwary," this discussion will drill down into the relevant income tax rules that can allocate income contrary to the planner's intentions.

Presenters: Rick Wong Read More
Josh Schmidt Read More

This webcast will assist you to

• understand non-tax reasons for using a trust
• understand certain income splitting and capital gains splitting strategies that can be implemented through trusts
• be aware of certain tax traps applicable to the use of trusts and how to deal with them
• know when to seek expert advice

Presentation outline  

• Non-Tax Reasons for Using a Trust
• Asset management
• Asset protection
• Probate planning
• Confidentiality
• Wealth preservation
• Income Splitting and Capital Gains Splitting
• Splitting strategies for inter vivos trusts
• Splitting strategies for testamentary trusts 
• Tax Traps
• Reversionary trust rules
• Attribution rules
• Benefits conferred under subsection 56(2)
• Kiddie tax

System requirements

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                   A screen shot of the "test your system" tool

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Richard Wong, LLB, received his Bachelor of Law degree from the University of British Columbia, where he finished in the top of his class and received several awards for his academic achievement. Richard was called to the British Columbia Bar in 2003. Prior to joining Thorsteinssons in 2004, Richard articled at a large national law firm in Vancouver.

He assists individuals and corporations with their domestic and international tax planning and also represents clients who have disputes with Canada Revenue Agency.

In his civil litigation practice, Richard advises and represents clients with respect to Canada Revenue Agency audits and appeals and has appeared in tax-related cases before many courts, including the Tax Court of Canada, the Federal Court of Canada, and the Federal Court of Appeal.

Richard has lectured on various aspects of taxation law at conferences, meetings, and courses attended by members of the Canadian Tax Foundation, the Law Society of British Columbia, and the Canadian Bar Association — Immigration subsection (BC).

Richard has completed Parts I, II, and III of the Canadian Institute of Chartered Accountants’ In-Depth Tax Course. He is a member of the Canadian Tax Foundation, the Canadian Bar Association, and the Law Society of British Columbia.

Josh Schmidt, LLB, received a Bachelor of Commerce degree (specialization in Entrepreneurship) from the University of Victoria in 1997, and received his Bachelor of Laws degree from the University of Victoria in 2006.

Prior to joining Thorsteinssons, he practiced securities law at a national law firm. He was called to the British Columbia Bar in 2007 and is a member of the Canadian Bar Association tax subsection, the Canadian Tax Foundation, and the Vancouver Bar Association. Josh has completed Parts I and II of the Canadian Institute of Chartered Accountants' In-Depth Tax Course.