Chapter 17: Trusts and Powers of Attorney

In this section

• Setting Up a Trust
  Learn how trusts are created, managed, and administered in Canada, and discover their vital role in estate planning, tax considerations, and protecting beneficiaries.
• Taxation of Trusts
  Explore how trusts are taxed in Canada, including distributions, the 21-year deemed disposition rule, testamentary trusts, spousal trusts, and family trusts. Learn key strategies for minimizing tax, staying compliant, and optimizing trust benefits for beneficiaries.
• Power of Attorney
  Explore the essential concepts of Power of Attorney, types of POAs in Canada, and best practices for drafting a robust financial and personal care plan.
• Power of Attorney for Property
  Explore the intricacies of granting power of attorney for property, including the scope of authority, key responsibilities, enduring provisions, and best practices for Canadian financial planning.
• Power of Attorney for Personal Care
  Discover how a Power of Attorney for Personal Care ensures your health care and personal living preferences are respected if you become incapacitated, with guidelines to help financial planners and individuals navigate this critical legal tool.
• Risks and Considerations with Powers of Attorney
  Dive into core concepts and practical steps to mitigate risks related to Powers of Attorney. Learn about abuse prevention, capacity requirements, conflict of interest management, record-keeping, revocation, and professional guidance in Canada’s financial planning environment.