Many clients use trusts to hold income-earning assets and investments.When that trust has outlived its purpose or reached the end of its term, it will need to be wound up.

The winding up of a trust may trigger income tax and GST obligations. These may arise from the sale of assets or their distribution to beneficiaries as part of the wind up. The focus of this webinar will be on taxation issues associated with winding up a trust.

Issues examined will include:

• Income tax rules applying to distributions from trusts.
• GST rules applying to distributions from trusts.
• Cash distributions versus in-kind distributions.
• Potential trustee liability for trust tax debts.
• Impacts on shareholder continuity, the bright-line test, and depreciation claims.

Upon satisfactory completion of this activity, you will be able to identify potential income tax and GST issues associated with winding up a trust.

Suited to:

• Accountants and lawyers who act for trusts.
• Accountants and lawyers who are trustees of trusts and want to ensure the trust is meeting its tax obligations.