Dates and location

Registration open until
January 20, 2025
Start date
January 23, 2025
End date
January 24, 2025
Location
Virtual

Pricing

$479.00
Member
$479.00
Student
$575.00
Public
$335.00
Personal PD Passport Pricing
ADD TO CART

Hours

Time
8:30 a.m.-12:30 p.m.
PD hour(s)
7.5 hours
Ethics hour(s) included
0 hours
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Canadian Trust Reporting: Practical Software Application

Seminars

Canadian Trust Reporting: Practical Software Application

Home

›

Taxation

›

Canadian Trust Reporting: Practical Software Application

Seminars

Canadian Trust Reporting: Practical Software Application

Dates and location

Registration open until
January 20, 2025
Start date
January 23, 2025
End date
January 24, 2025
Location
Virtual

Pricing

$479.00
Member
$479.00
Student
$575.00
Public
$335.00
Personal PD Passport Pricing
ADD TO CART

Hours

Time
8:30 a.m.-12:30 p.m.
PD hour(s)
7.5 hours
Ethics hour(s) included
0 hours

Description

This course is an exciting addition to our series of software application courses, tailored to equip accounting professionals with practical expertise in income taxation and trust planning. Divided into two components, participants will engage in a comprehensive learning experience. In the first component, we will explore the theoretical concepts behind the taxation of trusts and trust planning. Understand the ins and outs of trust creation, residency determinations, beneficiary taxation, and strategic planning techniques such as estate freeze, post-mortem planning, and the 21-year deemed disposition rule with expert guidance. Then, in the second component, put theory into practice through immersive software exercises. Gain hands-on experience navigating trust taxation software, applying theoretical knowledge to real-world scenarios, and refining your skills for practical application.

Topics Include:

Module Description
Module 1: Foundations of Trusts
  • Understanding the Meaning of Trust
    • Definition and key characteristics of trusts.
    • Roles of settlor, trustee, and beneficiaries.
    • Legal requirements for creating a trust.
    • Key components of a trust deed and pitfalls to avoid.
       
  • Personal and Commercial Trusts
    • Differences between personal and commercial trusts.
    • Inter Vivos vs. Testamentary Trusts: Definitions and uses.
    • Types of Inter Vivos Trusts – Comparison.
Module 2: Taxation of Trusts
  • Residency of a Trust
    • Determining the residency of a trust for tax purposes.
    • Impact of residency on tax obligations.
       
  • Contributions of Property to a Trust
    • Rules and regulations governing property transfers to trusts.
    • Tax implications and planning strategies.
       
  • How Does Taxation Apply to the Trust?
    • Review of sections 104 to 108 of the Income Tax Act.
Module 3: Trust Income and Computations
  • Understanding Sources and Character of Trust Income
    • Different types of income a trust can receive.
    • Characterization of income for tax purposes.
       
  • Computation of Trust Income
    • Calculating trust income: Key considerations and methods.
    • Deductible expenses and allocation of income to beneficiaries.
Module 4: Beneficiary Taxation and Rules
  • Taxation of Beneficiaries
    • How beneficiaries are taxed on trust distributions.
    • Discretionary vs. non-discretionary distributions.
    • Benefits conferred by the trust.
    • Designation of Capital Gains.
    • Designation of Taxable Dividends.
    • Designation of Capital Dividends.
    • Reporting requirements for beneficiaries.
    • Issues with non-resident beneficiaries.
       
  • Attribution Rules
    • Overview of income attribution rules.
    • Application to trust income and planning considerations.
       
  • Tax on Split Income (TOSI)
    • Understanding the TOSI rules and their application to trusts.
    • Strategies for compliance and tax efficiency.
Module 5: Dispositions and Deemed Dispositions
  • Disposition of Trust’s Interests
    • Tax consequences of disposing of trust assets.
    • Reporting requirements and planning strategies.
       
  • 21-Year Deemed Disposition Rule and Planning
    • Overview of the 21-year rule.
    • Strategies for minimizing tax impact.
Module 6: Reporting and Compliance
  • New Trust Reporting Requirements
    • Recent changes in trust reporting obligations.
    • How to comply with new requirements using software tools.
    • Reversionary Trust Rules (Subsection 75(2))
    • Explanation of reversionary trust rules.
    • Practical implications and planning strategies.
       
  • Filing Requirements and Administration
    • Obtaining a trust account number.
    • How and where to file.
    • Deadlines.
    • Interest and penalties.
    • Assessments and reassessments.
    • Liability of trustees.
Module 7: Planning with Trusts
  • The Estate Freeze of Corporate Shares with a Family Trust
    • How trusts are utilized in corporate planning and operations.
    • Multiplication of the lifetime capital gains exemption.
    • Other tax and non-tax benefits and implications for businesses.
    • Impact on association and affiliation rules.
       
  • The Estate Freeze of Family Cottage or Similar Property
    • Principal residence exemption availability in a trust.
       
  • Post-Mortem Tax Planning
    • Tax consequences upon death to the deceased and estate.
    • Section 164(6) loss-carry back planning.
    • Pipeline planning.
Module 8: Practical Application and Case Studies
  • Practical Case Study
    • Detailed case study on the taxation and reporting of a family trust and its beneficiaries.
    • Step-by-step guide using tax software to complete a trust tax return.

Note: Software is not provided as part of this course. Training is not specific to any software after the training a participant can use any software to apply their learning.


Other Available Sessions
 

  • Session for December 11 (2024) available here.

Schedule

  • January 23, 2025, 8:30 a.m. - 12:30 p.m.
  • January 24, 2025, 8:30 a.m. - 12:30 p.m.

Key Takeaways

Upon completing this course, you will be able to:

  • Gain a thorough understanding of different types of trusts, their creation, and their roles in both personal and commercial contexts.
  • Learn to navigate and comply with Canadian trust tax regulations, including residency, contributions, and new reporting requirements.
  • Develop skills to accurately compute trust income, allocate it to beneficiaries, and manage related tax implications.
  • Understand how beneficiaries are taxed on trust distributions, including discretionary distributions and designations of different types of income.
  • Acquire strategies for effective tax planning, including handling dispositions, the 21-year deemed disposition rule, and post-mortem tax planning.
  • Gain hands-on experience with trust taxation software, applying theoretical knowledge to real-world scenarios through practical case studies.

Who Will Benefit

This course is designed for employees and partners of public accounting firms, as well as individuals working in the tax industry seeking to enhance their tax compliance and planning skills.

How to Access the Course

This course is a live webinar. You must attend the live course to receive verifiable CPD hours. We recommend you join five minutes prior to the scheduled starting time. To get the full experience of this interactive course, use a computer that has video and microphone capabilities.

Electronic material can be accessed one week prior to the course and should be downloaded in advance.

Registration, cancellation, withdrawal and all other CPA Ontario PD policies can be found here.

Speaker(s)

Haroon Khan is an experienced tax professional, having served over 14 years at the world’s leading accounting firms, including the Big 4, as Senior Tax Manager and Tax Partner. Haroon obtained his Bachelor of Business Administration degree from the University of Toronto before qualifying as a CPA, CA in Canada and as a U.S. CPA in the State of Illinois. He has also completed all three parts of CPA Canada’s In-Depth Tax Program. He co-founded multiple start-ups, these ventures have allowed him to assist over 100,000 professionals across Canada, the US, and internationally.

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