Trusts: Common Problems and How to Fix Them
Trusts are inherently complex and subject to constant change, and many professionals have partial knowledge in this area which can lead to costly mistakes. Designed for CPAs.
12:00 PM - 2:30 PM ET
Hugh Woolley
This session will equip you with the expertise to spot issues, avoid pitfalls, and implement effective solutions. Each problem is paired with practical solutions and worked examples drawn from real-life situations, so you'll leave with frameworks you can apply immediately to your own trust files.
This session covers the common problem areas that arise with trusts. Learn how to properly allocate income and gains to beneficiaries, including:
- When amounts need to be paid or made payable
- How to handle situations where you don't know the exact amount by December 31
- Making sure income flows through correctly to avoid it being taxed at the top rate in the trust
The session will address when attribution and subsection 75(2) reversion rules apply, TOSI and kiddie tax implications, plus strategies to minimize impact when these rules are already triggered. We'll show you how to recognize when a change of trustee creates change of control issues and deemed year ends for corporations held by trusts, how trusts can accidentally associate corporations that shouldn't be associated (and what to do about it), and how to solve issues concerning the 21-year deemed disposition rule.
The material is based on real situations encountered in practice, giving you confidence to handle these issues when they come up in your own files.
Don't miss this opportunity to quickly improve your knowledge, spot issues, understand outcomes, and gain valuable planning ideas. This is time well spent.
Trusts: Common Problems and How to Fix Them
Meet Your Presenters
Michael Cadesky
Michael Cadesky is the managing partner at Cadesky Tax and a committed contributor to the tax and accounting professions since 1980, earning the title of Fellow from CPA Ontario. He is a past governor of the Canadian Tax Foundation, past chair of STEP Canada and STEP Worldwide, and past chair of the CPA Canada Tax Committee for Small and Medium-Sized Enterprises. Michael is also the co-author of 11 books on tax subjects and the author or co-author of numerous papers and articles on Canadian and international taxation.
Hugh Woolley
Hugh Woolley is an independent tax consultant who has taught income tax for over 30 years for many professional organizations. Hugh has written courses for CPA Canada and over 10 papers for the Canadian Tax Foundation and STEP Canada. From 1990–1992 he worked at the CRA's Rulings Directorate in Ottawa writing "butterfly" tax rulings. Hugh is a past Governor of the Canadian Tax Foundation.
FAQ
How long do I have access?
You will have access to the content and materials for 365 days.
Does the seminar provide CPD?
Yes. Upon completion, you will receive a verifiable CPD certificate indicating all instructional learning hours and required details.
What's included with my registration?
Live broadcast access, interactive Q&A with the instructor, comprehensive course materials, and 365 days access to the full recordings and materials.
How do I join the live seminar?
The broadcast takes place on our platform which you get instant access to after registration and you also receive email notifications with important links.