On January 15, 2016, the federal government released legislative proposals designed to fix some of the problems created by 2015 legislation on the taxation of trusts. See earlier posts from January 18 and 19, 2016.
On October 21, 2016, the January 15 proposals were finally released as part of a budget implementation bill. This means that the fix to the 2015 legislation is that much closer to becoming law. Once the correcting legislation is passed, it will be retroactive to the start of 2016.
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The above article provides general commentary of an educational nature. It does not constitute advice for any specific person or any specific set of circumstances. Because circumstances vary, readers should consult professional advisers in order to obtain advice that is applicable to their specific circumstances.