Trust Revocable Agreement With Canada
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FAQ
A trust is simply the word used to describe the relationship created when property is transferred by one person (the ?settlor?) to another (the ?trustee?) to hold for the benefit of specified persons or a class of persons (the ?beneficiaries?).
If you're the sole trustee of a U.S. revocable living trust and have become a Canadian resident, the trust also becomes a resident for Canadian tax purposes. As a result, the trust is deemed to have disposed of and reacquired the trust property on the date it becomes resident in Canada.
On the other hand, a living trust is set up during the contributor's lifetime. It can be revocable or irrevocable. With a revocable trust, you can alter it in the future. While with an irrevocable trust, you cannot make changes.
A trust agreement is a legal document containing, terms, conditions and provisions that allows the trustor to transfer the ownership of assets to the trustee to be held for the trustor's beneficiaries.
LIVING TRUST: A trust created by a settlor while he or she is still alive; also referred to as an inter vivos trust. REVOCABLE TRUST: A trust that can be revoked by the person who created the trust. SETTLOR: The individual who establishes a living trust.