Tax Topic Bulletin GIT12, Estates and Trusts, Revised December 2016 Tax Topic Bulletin GIT12, Estate: Fill out & sign online

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What are the conditions for a bare trust?

A bare trust is established using a deed of settlement or a declaration of trust. In the simplest form of a bare trust, the assets bequeathed by the individual who set up the bare trust are owned by the trustee and beneficiary. But the trustee, in a bare trust, has no responsibilities or powers.

What expenses can be paid from a family trust?

Investment income earned in the trust can be used to pay for expenses that directly benefit the child or grandchild (e.g. private school tuition, lessons, camps, gifts, etc).

What is the 21 year rule for trusts?

What is the 21-year rule? Family trusts created during someones lifetime are deemed to dispose of their property every 21 years. Although the trust is deemed to have disposed of property for tax purposes, an actual disposition typically does not occur.

What are the disadvantages of a bare trust?

The main disadvantage is that they have a rigid structure meaning that the named beneficiaries cannot be changed once the trust has been established. This could cause issues should any other children or grandchildren be born following creation of the trust as they, unfairly, cannot benefit from the trust assets.

Do I have to file a T3 trust return?

All trusts, unless specific conditions are met, must file a T3 return for tax years ending after December 30, 2023. Many trusts, including bare trusts, will need to file for the first time.

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