The agent of a trust would be the one who claims the ITCs for the trust from which the agent paid taxes for the trust`s activities. [i] A simple trust is also called naked trust or simple trust. [ii] A trust is a fair obligation created by a settlor that binds a person (an agent) to manage the assets that control it for the benefit of the beneficiaries. The settlor, the agent and the beneficiary may be the same person. [iii] Trident Holdings Ltd. v. Danand Investments Ltd., 64 O.R. (2d) Ont.C.A.). [iv] By Mond Jr.
The Queen, 1999 CanLII 466 (TCC)). [v] Income Tax Act, RSC 1985, c 1 (5. Supp), ss. 104(1). The rightful owner of the fiduciary property and the person responsible for the management of the trust in the interest of the beneficiary of the trust, in accordance with the trust agreement, the applicable trust law and the trust obligations law. The agent may be the settlor or someone else (as explained later, but there may be adverse tax consequences if the settlor is the agent). Any number of agents may be chosen by Settlor and they must act unanimously, unless the trust agreement sets another. However, to ensure that there is no income allocation to Settlor, there should be an independent agent, such as a friend or business advisor. In accordance with regulatory and compliance rules, consultants should not place themselves in a position of real or perceived conflict of interest, which includes accepting an order as an agent for a client, except in accordance with company guidelines. is a term that is most often applied to it as a trust, the person who enjoys the trust, but not legal, who remains in the agent or personal representative. (Black`s Law Dictionary) Preferred beneficiary choices may be submitted for will and inter vivo trusts. In this case, a joint election is filed, which allows the trust`s income to be withheld but taxed on the beneficiary`s tax return.
The amount chosen is deducted in the calculation of the trust`s taxable income. Appendix I and Schedule II are declarations of confidence. We accept it with an application if the directive is acquired “with confidence.” Historically, land onshore land subject to the land title system has demonstrated the owner`s ability as a “fiduciary” to mean only legal property. This appears to have been approved by Section 62 of the Land Title Act2 (“LTA”).