The most common form of Trust is a testamentary trust that is created by a will and takes effect after the passing of the deceased. All income earned after an individual pass is reported to the Canada Revenue Agency through a Testamentary trust return. Such income includes:

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• Investment income (Interest and dividends)

• Capital Gain Income (Sale of assets such as Shares or property)

• Rental Income (from real estate owned by the deceased)

• Business Income (Income earned from business after passing away)

• Annuity settlements paid to the Estate

• CPP death benefits