One-stop Canadian tax information center
There are two basic types of trust: inter vivos trust and testamentary trust. Inter vivos trust must have a December 31 year end. However, a testamentary trust can have a fiscal year end other than December 31.
An inter vivos trust is a trust set up by a living person. An inter vivos trust is not a testamentary trust.
A testamentary trust is a trust or estate that is generally created on the day a person dies. All testamentary trusts are personal trusts. The terms of the trust are established by the will or by court order in relation to the deceased individual’s estate under provincial or territorial law.
A trust is a binding obligation enforceable by law when undertaken. It may be created by one of the following:
A trustee is an individual or trust institution that holds legal title to property in trust for the benefit of the trust beneficiaries. The trustee includes an executor, administrator, assignee, receiver, or liquidator who owns or controls property for some other person.
Many people think that they can claim donation tax credit for their time and effort when you do volunteer work for charity. Actually, it is not true. You cannot claim a credit for donation of services.
You can deduct expenses for the business use of work space in your home, but you have to meet one of the following conditions:
The types of automobile expenses you can claim include:
You can deduct expenses you incur to run a motor vehicle you use to earn business income, employment income, or rental income.
If your business sells gift cards or gift certificates, there are certain rules regarding how to account for the taxes.