Catherine Watson
Catherine Watson, T.E.P., Lawyer, McInnes Cooper
Sarah Dykema
Sarah Dykema, T.E.P., Lawyer, McInnes Cooper

Looks like it’s really going to happen. The trust taxation changes the Federal Government announced in 2013, and proposed and enacted in 2014, will take effect in the 2016 tax year: graduated tax rates for testamentary trusts will be eliminated and the tax burden of life interest trusts (such as spousal, alter ego and joint partner trusts) will shift. Many hoped the Federal Government would backtrack even a bit – but that hasn’t happened. It’s time to keep calm and plan: the changes will have a significant impact on estate planning, but there are solutions.

For the 2 key changes to trust taxation that will take effect in 2016 and tips to help start planning for them, read Catherine and Sarah’s Legal Update: Keep Calm & Plan – 2 Key Changes To Trust Taxation Effective In 2016. You can read all of McInnes Cooper’s Publications here.

McInnes Cooper prepared this article for information; it is not legal advice.  Consult McInnes Cooper before acting on it. McInnes Cooper excludes all liability for anything contained in or any use of this article. © McInnes Cooper, 2015.  All rights reserved.


About the authors:

Catherine Watson is a Partner with McInnes Cooper’s Private Client service group. She brings extensive Trusts and Estate Planning experience and knowledge, from simple wills and trusts to complex international and offshore strategies. Catherine works with everyone from individuals to large corporate clients to ensure their families are protected and their objectives met in the most efficient and tax effective manner, and is particularly knowledgeable about planning for disabled beneficiaries and trust law generally.

Sarah Dykema is a Senior Associate in McInnes Cooper’s Private Client service group. Her expertise in the areas of Trusts, Wills and Estate Planning, geared to minimize tax implications on death allows her to carefully assess and compassionately meet the unique needs of her clients, whether an individual, family, business owner, or large corporation. Sarah is actively involved with STEP Canada nationally and regionally.