You may be eligible to receive an income tax deduction, but this will depend on whether or not your trust’s beneficiaries are CRA-qualified charities.
If an income tax deduction occurs, this will happen at the time you make your gift to the trust – and the value of that gift will determine the amount of the deduction. This amount (which is basically a percentage of your gift) can be determined by a number of factors:
• Type and value of the asset that is gifted
• Income of the donor (*in most cases)
• Life expectancy of the person(s) receiving income from the trust
• Payout rate selected in the trust
• and more…
If you have any questions about gaining additional income tax benefits by using a Charitable Remainder Trust, reach out to one of our advisors in Powassan, Parry Sound, Orillia, North Bay or Huntsville, today.
– Spire Advisors of Assante Capital Management Ltd.
www.spireadvisors.ca
[/column] [column size=”1/2″]
Recent Comments