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Since 1987 Hutcheson & Co has been offering Trust & Estate planning services to individuals and corporations.

While often neglected, trust and estate planning is an essential part of your investment portfolio and it only increases in importance as you and your portfolio age. Navigating the intricacies of trust and estate planning can be confusing, but our experienced team of Chartered Professional Accountants is here to help.

When taken into consideration early enough, a thorough estate plan can reduce your future tax returns. Not only will this improve your quality of life come retirement, but it will also help provide the stability and security you hope to be able to offer future generations. Hutcheson & Co. offers trust and estate planning for both individuals and business owners, intended to help them set and reach retirement and succession goals.

These services include but not limited to: 

Canadian Trusts and Estates Income Tax Compliance Services

  • Preparation of Canadian T1 personal income tax return (Terminal/Final) for Canadian deceased taxpayers on date of death
  • Preparation of T3 trust income tax and information returns for various trusts and estates including T3 trust distribution slips
  • Preparation of financial statements for the trusts and estates
  • Assistance in obtaining the T3 trust tax identification number (TIN) for the trusts and estates
  • Representation and Liaison with the Canada Revenue Agency (CRA)
  • Assistance in administration of the estates and trusts including bookkeeping services

Canadian Trusts and Estates Tax Planning and Consulting Services

  • Design of an effective and efficient estate plan to deal with specific client situations
  • Advice and assistance on the setup of various trusts including family trusts, alter-ego trusts, spousal or common-law partner trusts, charitable remainder trusts, bare trusts, qualified disability trusts (QDT), real estate investment trusts (REIT) and health & welfare trusts (HWT)
  • Post-mortem planning to mitigate the risks of double taxation
  • Probate fee planning
  • 21st year anniversary planning for the trusts
  • Planning for dissolution of trusts and disposition of beneficiary’s interests (capital and income interest) in certain trusts
  • Assistance to the clients fulfilling the duties of executorship and administration of estates and trusts
  • Advice on charitable giving for estates
  • Analysis of foreign tax credits in Canada for the taxes paid by dual/deemed resident trusts in other countries
  • Succession Planning for family business with the use of trusts and holding companies
  • Assistance in drafting of the wills with proactive and meticulous tax planning to reduce the amount of tax triggered upon deemed disposition at death

U.S. Trust and Estate Income Tax Compliance Services

  • Preparation of U.S. 1041 income tax returns for the estates and trusts
  • Preparation of U.S. 706 estate (and generation-skipping transfer) tax returns for the estates
  • Preparation of U.S. 706-NA estate (and generation-skipping transfer) tax returns for non-resident aliens (NRAs) residing in Canada having a Canadian estate with U.S. situs assets over U.S.D $60,000
  • Assistance in obtaining the employer identification number (EIN) for the trusts and estates
  • Representation and liaison with the Internal Revenue Service (IRS) and various state tax authorities (including California Franchise Board (CFB) and New York State Department of Finance & Taxation)

U.S. Trust and Estate Planning and Consulting Services

  • Proactive planning for U.S. citizens living in Canada to avoid triggering the estate tax through various techniques
  • Planning to avoid double taxation between Canada and U.S.
  • Advise and assistance on the setup of various trusts including cross-border trusts, revocable/irrevocable trusts and qualified domestic trust (QDOT)
  • In-depth analysis of the residency of trusts and estates of U.S. citizens living in Canada
  • Advice on charitable giving to reduce the US estate and income taxes for deceased U.S. citizens

 

To schedule a consultation to discuss yours or your company’s trust and estate planning needs, contact Hutcheson & Co. today!

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Chartered Professional Accountants

The key to our success

Our team of dynamic Chartered Professional Accountants has been the key to our success since 1987. We are proud of our highly qualified, community oriented colleagues. Learn more about each member of the Hutcheson & Co. team below!