Joint spousal or common-law partner trust.Hepatitis C trust and Indian residential school trust.The following are different types of inter vivos trusts: The following are different types of testamentary trusts:Īn inter vivos trust is a trust that is not a testamentary trust. owed to the beneficiary as a result of a payment on behalf of the trust for which property was transferred to the specified party within 12 months of the payment and the beneficiary would have made the payment had they been dealing with the trust at arm’s length.owed to the beneficiary as a result of services provided by the beneficiary for the trust.incurred by the trust in satisfaction of a beneficiary’s right to enforce payment of an amount payable by the trust to the beneficiary or to receive any part of the trust’s capital.
This does not apply for certain debts or other obligations, including those: If the assets are not distributed to the beneficiaries according to the terms of the will, the testamentary trust may become an inter vivos trust.įor tax years ending after December 20, 2002, a testamentary trust may become an inter vivos trust if the trust incurs a debt or other obligation to pay an amount to, or guaranteed by, a beneficiary or any other person or partnership (any or all referred to as specified party), with whom any beneficiary of the trust does not deal at arm's length. For rules about testamentary trusts created before November 13, 1981, call 1-80. Generally, this type of trust does not include a trust created by a person other than a deceased individual, or a trust created after November 12, 1981, if any property was contributed to it other than by a deceased individual as a consequence of the individual's death. 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. At the bottom of this page you will find information on public trusts and public investment trusts and the different trust codes.Ī testamentary trust is a trust or estate that is generally created on and as result of the death of the person.
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