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Cancellation of the Immigrant Trust Exemption

posted Sep 10, 2014, 11:53 AM by Margaret Lin CPA, CGA, CFP   [ updated Sep 11, 2014, 12:50 PM ]

The Immigrant Trust Exemption allows a Canadian resident individual to transfer property to a Non-Resident Trust without the Trust being deemed Canadian resident until such time as the individual has been a resident in Canada for 60 months in aggregate.


The sixty months exemption will be eliminated in respect of Trusts for taxation years:


  • that end after 2014 if (i) at any time that is after 2013 and before Budget Day (February 11, 2014) the 60-month exemption applies in respect of the trust, and (ii) no contributions are made to the trust on or after Budget Day and before 2015; or
  • that end on or after Budget Day in any other case.