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Is there a specific net worth that triggers the need for a trust in Canada? No, there isn’t a fixed net worth that automatically triggers the need for a trust in Canada.

For example, you might use a trust even with a smaller estate for control or protection. You may use a trust for a larger estate if you have tax planning and family needs.

For more on when to get a trust, read the full article.

A family trust in British Columbia is a legal arrangement where the settlor puts money or property into a trust and appoints others (trustees) to manage it for the benefit of family members (beneficiaries). 

To set up a basic trust, you will likely pay around $2,000–$5,000 in BC. However, it is important to understand that costs vary significantly depending on the trust’s complexity.

Over the course of many years, I’ve transformed my money mindset, allowing me to create the life I desire. And I know that you can do this too!

In this post, I’ll cover the practical steps you can take to change the way you think about making and managing your money.

Keep reading to find out the one key superpower that is essential for a great money mindset.

Getting your financial affairs in order is critical, no matter your age. 

But estate planning becomes even more important as soon as you have kids.

If you’re in the process of getting your financial affairs in order, you be wondering what estate planning actually is and if you need it. That’s exactly what I’m going to cover in this post.

Keep reading for a story about my mom’s estate planning dilemma and why the emotional side of estate planning matters as much as the tactical side.

It’s critical to understand your money mindset because it will influence all your decisions around money, whether you’re aware of it or not.

Your money mindset is made up of your cornerstone beliefs about money.

It influences everything you do and don’t do with money, such as spending, saving, building up debt, buying a home, and investing. 

Keep reading to find out the 11 key strategies you can use to improve your money mindset.

Is there a limit to how much money I can put in a trust? In Canada, there is no legal limit on how much money or how many assets you can place into a trust. The amount is not capped, but tax rules apply when assets are transferred into the trust.

In Canada, most personal trusts, such as family trusts, are subject to a 21-year deemed disposition rule under the Income Tax Act. The 21-year rule means that the trust is deemed to have sold its assets after 21 years. This can trigger capital gains tax unless assets are distributed or other planning is done.

I was recently speaking with clients who decided to use a trust as part of their estate plan. I want to share a little bit about why a trust worked for them so you can see if any of their goals and concerns align with yours.  This couple has a high net worth, multiple real estate properties, and investment portfolios. They want to pass their assets to their two daughters and future grandchildren.  Their goal was to transfer some of their wealth while they were alive and have a plan for how the rest of the assets would be distributed after their death. They chose to use a trust to retain control over when and how the assets are distributed…

The main reason to avoid a trust is if your estate is simple. You don’t benefit from the added costs and complexities if your estate is simple. In addition, if you don’t want to lose control of the assets, then a trust may not be a fit for you.