Taxation of Domestic Trusts - Fundamentals (VO)
This course provides accountants who prepare trust returns, who advise clients with trust structures or who are considering trust structures with a functional knowledge of the applicable tax rules and the ability to issue-spot potential problems that may require specialist assistance. Participants will develop better knowledge of the rights and duties of settlors, trustees and beneficiaries. The inter vivos and testamentary trust context will both be discussed.
COURSE DESCRIPTION:
This course provides an overview of trust relationships, how to complete basic returns for trusts and their beneficiaries, and how to identify and communicate basic tax planning benefits and opportunities that involve family trusts. This course reviews the basic tenants of trust law, the provisions of the Income Tax Act, case law and CRA administrative positions that are fundamental to the taxation of trusts.
LEARING OBJECTIVES:
By the end of this course, participants should be able to:
- Describe the income tax treatment of trusts and their beneficiaries
- Identify potential tax risks or tax issues associated with trust structures
- Analyze whether clients would benefit from a trust structure
CONTENT
Topics Include:
- Recognizing the need for a trust structure
- Overview of trust law
- Design of a trust
- Types of trusts
- Taxation of trusts
- Taxation of beneficiaries
- Trusts and estates
- Planning opportunities
- Administration
PREREQUISITES:
Participants should have a working knowledge of the income tax rules applicable to individuals and corporations.
APPLICABLE FOR:
Practitioners who wish to gain an understanding of trust taxation, or wish to refresh their knowledge and stay abreast of current issues to better advise their clients.
WHAT TO EXPECT:
- Two emails will be sent from CPA Saskatchewan following your registration: one to confirm your order and one including information on how to access the course through PD Connect.
- Once sent, these emails can also be found in the Communication tab of your CPA Saskatchewan Member Portal.
- Watch a qualified CPA instructor and receive a copy of the same course material that is provided to attendees of the in-person session.
- This course is designed for participants to view while following along with the course material provided.
- This self-study course allows you to save your progress and continue later.
- A certificate of completion will be provided upon successful completion of the course and quiz.
- Registration for this course is open until March 31, 2025, and access will be available for 180 days after registration, up to April 30, 2025.