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Outside edge

For settlors and former Canadian residents, there is a window of opportunity for creating trusts, says Robert L Reymond

22 April 2013

Canada encourages wealthy and talented immigrants with tax-policy-permitting foreign income to accumulate in a non-resident trust tax-free for up to five years. There are also attractive options through non-resident trusts for wealthy foreign families wishing to benefit family members living in the country.

Canada’s rules for taxing offshore trusts have been undergoing a fundamental review since 1999. In October 2012, the federal government released the eighth version of draft legislation amending the non-resident trust rules. These rules are due to become effective (retroactively) on ?1 January 2007.

If adopted, the draft legislation will substantially revise the Canadian taxation of offshore trusts. It limits opportunities for tax avoidance by deeming certain trusts not resident in Canada under general law to be resident where a person resident in Canada transfers or loans property or provides fin...

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