GREs offer flexibility in claiming tax credits, reward charitable giving in wills

GREs offer flexibility in claiming tax credits, reward charitable giving in wills

December 31, 2007

Shibley Righton's Matthew Urback was interviewed by The Lawyer's Daily about charitable giving in wills. At the beginning of 2016, certain trusts lost what was considered to be an immensely beneficial trait: the ability for income earned within the trust to be taxed at graduated rates. From that point forward, testamentary trusts would generally now be subject to tax at the highest marginal rate, which of course would lead to more tax payable and less income retained.

Needless to say, allowing the Canada Revenue Agency to have its hand further in the pocket of these testamentary trusts is a significant change....

This is an excerpt from the article that appeared on The Lawyer's Daily.  Please click here to read the complete story.