Canadian Estate Planning, Trusts, and Tax Program
For beneficiaries of trust assets looking to increase their competence in the areas of trusts and estate planning, this self-paced, online learning program is designed specifically for you. With coursework that progresses from more basic to rigorous content, students of all knowledge levels gain an understanding of estate planning, trusts, and trust administration, as well as practical guidance on how to work effectively with advisors to a trust. This targeted learning experience features engaging content such as movie excerpts, a celebrity interview, reviews of famous people’s wills, readings from industry experts, articles, real-life case studies, and applied learning homework assignments that increase retention. Students have the option to enroll and continue their education in the Accredited Beneficiary Stewardship Program to pursue the Accredited Beneficiary designation without penalty.
This program is comprised of nine courses and introduces intermediate level content on the legal structure and tax considerations for Canadian estate planning, trusts, and tax planning.
Program Outline
Estate Planning Basics - Module 1
Module 1 of the Estate Planning Basics course reviews the five estate planning phases and the five basic goals of the iterative estate planning process. Triggering events that impact estate planning, either anticipated or unanticipated, are discussed. Further, the module explores outside influences such as tax law changes and economic downturns, family culture influences, and the concept of “ruling from the grave." This introductory module showcases modern perspectives on estate planning and includes a timely example of a real-life inheritor.
Estimated Completion Time: 3 hours
Featured Resources:
Books
- Estate and Trust Administration for Dummies,2nd Ed Chapter 2, “Exploring the Ins and Outs of Estate Planning” by Margaret Atkins Munro, EA & Katheryn A. Murphy, Esq.
- Beyond the Grave, Revised and Updated Edition: The Right Way and the Wrong Way of Leaving Money to Your Children (and Others) by Jeffery L. Condon, Esq.
Articles
- "Culture Does Indeed Eat Structure for Breakfast", by Matt Wesley.
- "Anderson Cooper to Inherit Less Than $1.5 Million from Mother, Gloria Vanderbilt", by Emily Smith
Film/Podcast
- The Descendants film by Alexandar Payne
- Howard Stern’s interview with Anderson Cooper
- Podcast by Oliva Summerhill entitled, "Prenups, Postnups, and Divorce: Navigating the UHNW Marriage"
Estate Planning Basics - Module 2
Estate Planning Basics Module 2 introduces estate planning as both an efficient and effective means of passing along property. The module reviews the key estate planning documents utilized in an estate plan, including providing a sample power of attorney for personal care and a sample power of attorney for health care. This module also discusses the power of leaving a legacy and the story of Alfred Nobel.
Estimated Completion Time: 3 hours
Featured Resources:
Articles/Books
- Heritage Trust estate planning roadmap - "Heritage Trust: Before It's Too Late: The Estate Organizer Guide for Canadians, 2nd Edition" by Cindy Radu
- Sample of an enduring power of attorney for personal care for Ontario
- Sample power of attorney for finances
Videos
- Podcast from Cindy Radu entitled, "Get it Together: What you Need to Know to Organize Your Estate"
- Podcast from Dr. Katie Spencer entitled, "Crafting Legacies, Unveiling Personal Narratives-The Tamarind Learning Podcast"
- Podcast from Iris Wagner entitled, "Family Lore, Wisdom, and Values: Transformation with Ethical Wills"
Estate Planning Basics - Module 3
Estate Planning Basics Module 3 focuses on wills, including their key components to making them valid, the process of establishing a will, the dangers of not having a will, and what may happen if someone passes without a will. This course shares three examples of insufficient wills and more about the probate process.
Estimated Completion Time: 2 hours
Featured Resources:
Articles
- An example of a Last Will and Testament
- "An Analysis of Canada's Most Famous Holograph Will: How a Saskatchewan Farmer Scratched His Way Into Legal History" by Geoff Ellwand
- Elvis Presley’s Exemplary Will
Trust Fundamentals - Module 1
In Module 1 of Trust Fundamentals, both the purpose of trusts and the history of trusts, dating back to the Roman Empire and the Crusades, are reviewed. The module proceeds with the nuts and bolts of the primary trust categories, trust income distribution categories and complex trust language. Students learn about the main parties to a trust as well as the additional parties to a trust. The role of a trustee in a multi-generational family trust is explored through a fictional case of a family grappling with complex estate planning issues.
Estimated Completion Time: 1.5 hours
Featured Resources:
Articles/Books
- Sample Trust Deed Complex Language
Trust Fundamentals - Module 2
Trust Fundamentals Module 2 living trusts, how trusts are used with a will, other types of trusts such as spousal trusts, joint partner trusts, and alter ego trusts. Additionally, Trust Fundamentals Module 2 discusses trusts and probate and the Rule Against Perpetuities.
Estimated Completion Time: 1 hour
Featured Resources:
Articles/Books
- PDF on the Pirani v. Pirani case
- The article "Deconstructing The Descendants: How George Clooney Ennobled Old Hawaiian Trusts and Made the Rule Against Perpetuities"
Trust Fundamentals - Module 3
Trust Fundamentals Module 3 explores in greater detail the importance of trust governance including the role of governance with family trusts and the importance of strong governance practices. This module also discusses different governance models and provides a real-world case study that provides insights into what happens when trust governance goes wrong.
Estimated Completion Time: 2 hours
Featured Resources:
Articles/Books
- Family Trusts: A Guide for Beneficiaries, Trustees, Trust Protectors, and Trust Creators by Hartley Goldstone, James E. Hughes Jr., Keith Whitaker
- Article by Nicole Garton, "The Rogers Saga and What It Can Teach Us About Family Business And Conflict"
- Article about the Rogers family case study - "How Ted Rogers Planned for Family Conflict and Set Up Rules to Resolve It" by Robert Brehl
Videos
- Podcast by Cindy Radu and Jane Beddall - The underappreciated opportunities of trusts
- Podcast by Jay Hughes with Ruth Steverlynk and Wendy Sage-Hayward - The Family Trust
- Podcast by Russ Haworth - Trust Governance
Foundations of Tax - Module 1
In this module, the complex and ever-changing world of Canadian taxes is introduced. Students learn about the history and evolution of taxes in Canada. An overview is provided of the conceptual underpinnings of the Canadian tax code, the most common taxes and tax forms, and how recent tax law changes have affected tax rates and tax brackets by province. In this course, students learn about income tax, payroll tax, tax on wages, and tax on investments. The module concludes with an applied learning case study.
Estimated Completion Time: 1 hour
Featured Resources:
Articles/Books
- "Major Changes to Canada's Federal Personal Income Tax" by Fraiser Institute
- "Principles of Good Taxation" by Future Learn
- Canadian Tax System Worksheet
- "Federal & Provincial Tax Brackets in Canada for 2024" by Enoch Omolou
- "Renouncing Your US Citizenship: Is Divorcing Uncle Sam Right For You?" by Alexander Marino
- CRA Guidelines on determining an individual's residence status
- Instalment Payment Calculation Options
- CRA Forms & Publications
- CRA Payroll Deduction Table
- CRA Schedule 3
Foundations of Tax - Module 2
This module focuses on the taxes that specifically impact estates, trusts, and wealth transfers. The origins of these taxes are explored as well as their intentions. Taxes for beneficial owners are more complex than they are for most Canadians. With an understanding of these taxes and one’s beneficial asset holdings, beneficiaries can work more productively with their advisory team. To this end, students will begin to learn about the tax landscape they face and how to take a more strategic approach through tax planning.
Estimated Completion Time: 1 hour
Featured Resources:
Articles/Books
- Don't Leave a Mess Chapter 6, "Taxes: Truth or Consequences" by Sandra Pollack
- "Supreme Court of Canada Renders Decision on Trust Residency" by Stikeman Elliot
- Fundy Settlement vs. Canada
- Canada Revenue Agency Website
Foundations of Tax - Module 3
In this module, the different types of entities that accomplish both tax-related and non-tax-related goals are discussed. Students explore how flow-through entities, including sole proprietorships and partnerships, and non-flow-through entities, such as CCPS's, achieve goals for business owners. In addition, an overview is provided of private foundations, public charities, donor-advised funds, and community foundations including their pros and cons, and the key differences to help guide philanthropic goals.
Estimated Completion Time: 1.5 hours
Featured Resources:
Articles/Books
- "Partnerships: What, How and When" by Matthew Pollock & Prasad Taksal
- T3010 Return Form
- T3010 Checklist
- Public List of Charities in Canada- Search Tool
- Philanthropic Foundations, Canada
- Gift Funds Canada
- Community Foundations of Canada
- Community Foundations of Canada: Find a Community Foundation
- "Which Are The Largest Community Foundations in Canada" by Mark Blumberg
- "Charitable Remainder Trust in Canada" by Malcolm Burrows
- Gift Funds Canada- Five Advantages of a DAF
Videos
- Podcast by Preston Root, entitled, Building Continuity Across Generations
Pricing
$3,100
This learning program is ideal for the adult who is interested in learning more about the mechanics of estate planning, how trusts are structured and operate, and a deeper understanding of the Canadian tax system. The concepts covered are specific to beneficiaries in Canadian, as this learning program does not cover international jurisdictions and planning considerations. The courses are delivered in English, and there is no assumption that a beneficiary has knowledge about the family’s current estate plan, trust structures, or knowledge of tax history and policy.
This learning program benefits those who want a stronger foundation in estate planning goals, techniques, and process. Further, the trust course aids learners regarding the various types of trust structures, how they are set up, administered, taxed, and monitored. The tax course provides insights to tax history, tax forms, and the application of tax considerations to a learning case study. The learner will benefit from the applied nature of the content to start and enhance their relationship with the various parties to a trust.
- Access your courses anytime, anywhere, with a computer, tablet or smartphone
- Videos, quizzes and interactive content designed for a proven learning experience
- Unlimited access. Take your courses at your time and pace
- This program is designed to take 1-2 months with approximately 10-15 hours per week of study. If you put in more hours per week, you will finish sooner than the predicted 1-2 months
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