[Ontario Chapter] July Seminar – IN TRUSTS WE TRUST

July Seminar – IN TRUSTS WE TRUST

North York Central Library – Room 2/3

5120 Yonge Street, Toronto, M2N 5N9, ON

Introduction

Canada is one of the nations with high tax rates in the developed world, and Canadians are always looking for ways to defer or reduce taxes. One vehicle is to use a trust known as family trust. Family trusts have received quite a bit of attention from Canadian politicians over the years. One politician once attacked trusts as the “tax shelter for the rich”. The Auditor General also criticized Canada Revenue Agency for allowing gains on assets held in two trusts of a wealthy Canadian family to escape Canadian taxes.

Despite all the attention that trusts have received, it is important to keep in mind that they offer great flexibility in tax and financial planning. There are also provisions in the tax and trust legislations that allow Canadians to legally reduce their tax bill or defer tax payments to a future date. Also, you don’t have to be rich to enjoy the benefits of the trust.

Seminar

For this seminar, we have invited Jin Wen, Manager in the domestic tax group from the accounting firm Grant Thornton LLP and Joan Jung, partner with the law firm Minden Gross LLP to share their experience and knowledge on how to use trusts to preserve wealth and some tips and traps when using trusts.

Specific topics include:

– What is a trust?

– The legal structure of a trust

– Types of trusts

– How does a trust file tax return and pay tax?

– How to use trusts to reduce taxable income

– How to use trusts to gain access to certain tax benefits

– How to use trusts to reduce probate fees

– How to use trusts to maximize the benefits provided by real estate assets

– How to avoid some non-tax-related surprised by using a trust

Agenda

1:30PM to 2:00 PM – Registration

2:00PM to 3:00PM – Part I of the presentation

3:00PM to 3:15PM – Break

3:15PM to 4:15PM – Part II of the Presentation

4:15PM to 4:45PM – Networking

Speaker

Jin Wen

Manager with Grant Thornton LLP

Jin is a Manager with Grant Thornton LLP’s domestic tax group. She is a Chartered Professional Accountant and a U.S. Certified Public Accountant with the state of Illinois. Jin has been with Grant Thornton LLP since January 2011 and her practice focuses on Canadian corporate tax compliance and planning. Her role is to provide her clients with peace of mind by ensuring timely and accurate tax filings and to help her clients maximize cash flow by reducing or deferring taxes using various creative tax planning ideas. Jin has worked with clients across various industries, including manufacturing, retailing, real estates and professional firms. Jin is also actively involved in the tax community. She is currently a member of the Steering Committee of the Young Practitioner group (Toronto Chapter) at the Canadian Tax Foundation.

Joan Jung

Partner with Minden Gross LLP

Joan is a partner in the tax group at Minden Gross LLP. Joan was called to the Ontario Bar in 1985 and has been working with Minden Gross since 1989. Both highly detailed and experienced, Joan has the unique ability to see the big picture while drilling down to the finest points of a client’s needs. Joan chose tax as her specialty as the analytical nature of the practice appealed to her. In tax, the rules are always changing and Joan really enjoys the challenge of keeping up to date. Joan is a frequent lecturer for professional and commercial organizations. She has made presentations at conferences of the Canadian Tax Foundation, Ontario Bar Association, Society of Trust and Estate Practitioners and many others.

Language: English

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