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Step contributor (known as the settlor) of the account was not also the trustee 1 Since Randy contributed the money to Chloe s account, he ensured that
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someone else his wife Skye was named trustee Naming the account Skye Doe, in trust for Chloe Doe provides some assurance to the tax collector that Randy has made a true transfer of assets when he set up the account Randy signed an agreement providing that: (1) the property cannot revert
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When Randy set up the in-trust account for Chloe, he ensured that the
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Step back to Randy; (2) Randy will not require that the property be passed to 2 persons to be named by him after setting up the account; and (3) Randy
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will not require that his consent or direction be obtained before the assets in the account are disposed of Signing this agreement is not absolutely necessary to satisfy the tax collector, but it s going to help The agreement should simply be kept by the trustee in a safe place By the way, what you actually do with money in an in-trust account will speak volumes to CRA about whether there was a true transfer of property Be sure that the funds in the account are reserved only for the bene ciary child Let s take it a step further You should realize that the in-trust account arrangement is really a bare trust: The trustee s authority is limited to holding those funds until the child reaches the age of majority, then passing those funds to the child at that time Hmm Food for thought
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In-Trust Accounts versus RESPs
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There s only one question more perplexing than Which came rst, the chicken or the egg and that would be Which is better for a child s education savings, an in-trust account or an RESP Both are good questions Neither has an easy answer In my opinion, both can have a place in any education savings program The RESP is extremely valuable because of the free money available through the CESGs and CLBs, and in-trust accounts can be useful when the RESP contribution limits make it dif cult to save enough for your child s education through an RESP alone See the table on pages 46 47 to compare the two
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TO MAKE A LONG STORY SHORT:
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In-trust accounts are a popular method of saving for a child s education but are often set up improperly There are two steps involved in setting up an in-trust account properly Once the money is in the in-trust account, forget about getting it back it belongs to the child and he or she has a right to it at age of majority to use for education or otherwise Both RESPs and in-trust accounts can play a signi cant role in paying for a child s education R e g i s t e r e d E d u c at i o n S av i n g s P l a n s AND In-trust Accounts Registered Education Savings Plans Contribution limits $4,000 per bene ciary per year Lifetime maximum of $42,000 per bene ciary No limit In-Trust Accounts
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All investments eligible for RRSPs also qualify for RESPs There are no foreign content restrictions
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Generally no restrictions, although some have expressed concern due to provincial trustee legislation These concerns will likely be put to rest over time
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Canada Education Savings Grant and Canada Learning Bond
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The subscriber controls the investments and decides when to pay the assets to the beneficiary
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The trustee of the account controls where the money is invested The assets, however, must be held for the child until age of majority, when the assets revert to the child
continued
1 0 1 Ta x S e c r e t s F o r C a n a d i a n s
continued
Registered Education Savings Plans Use of assets A bene ciary must use the plan assets for post-secondary education; otherwise, assets revert to the subscriber If assets revert to subscriber, income tax plus a 20-percent penalty will be due on the accumulated income in the plan, unless the assets are transferred to the subscriber s RRSP Recovery of capital Subscribers may receive a taxfree return of original capital at any time Certain trustee or administration fees may apply Taxation of assets Assets grow tax-deferred over the years When the student withdraws this money to attend a qualifying educational program, the student will pay tax on accumulated income in the plan Tax lings No annual lings are required until the student makes withdrawals from the RESP Then the student must le returns to report the taxable income