Our advisors are available to help you. Please contact your local office for their reopening status. Click here for your local office.

Tax Alerts

New legislation impacts life-interest trusts

In December 2014, new legislation was enacted that will impact the taxation of life-interest trusts upon the death of the beneficiary or settlor. These new rules were first proposed in August 2014 and came as a surprise as they were not announced in the 2014 federal budget.

The new rules will be effective as of the 2016 taxation year and will apply to both new and existing life-interest trusts, as there are no grandfathering provisions in the legislation. As a result, the new rules may have a significant impact, and in some cases an adverse impact, on common estate planning strategies done for these types of trusts.

Find out more about the new legislation. [ 126 kb ]