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• Instalment payments are due September 15, 2011 and December 15, 2011.
• You do not have to pay installments if you owe the Canada Revenue Agency (CRA) less than $3000.
• Decrease your income tax; the RRSP contribution deadline is the end of February.
• We can help you minimize the tax you pay!
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Yesterday, Today & Tomorrow Tax Services Inc. is a family owned company based in  Burlington, Ontario. Our mission is to serve the needs of our clients with honour and integrity.
A trust is a legal entity that holds assets for the benefit of another person (usually beneficiary)
Benefits of trusts are:
- Minimize estate taxes
- Shield assets from potential creditors
- Avoid the expense and delay of probating your will
- Preserve assets for you children until they are grown (in case you should die while they are minors)
- Create a pool of investments that can be managed by professional money managers
- Set up a fund for your own support in the event of incapacity
- Shift part of your income tax burden to beneficiaries in lower tax brackets
- Provide benefits for charity
Revocable (Living) Trust
A living trust is a special type of trust. It's a legal entity that you create while you're alive to own property such as your house, a boat, or mutual funds. Property that passes through a living trust is not subject to probate.
Irrevocable Trusts
Unlike a living trust, an irrevocable trust can't be changed or dissolved once it has been created. You generally can't remove assets, change beneficiaries, or rewrite any of the terms of the trust.
Testamentary Trusts
A testamentary trust is established through a Will and comes into effect at death.
Settlor
Settlor is the person who transfers the rights and possession of the property owned by him with an agreement in writing where in the beneficiaries are named. A person executing a will to distribute his property after his death is a settler. A trustor transferring his property to a trust is also known as settler.
Trustee
The trustee holds and manages the property on behalf of the beneficiaries of the trust.
Beneficiary
The beneficiary is the person identified in a document to receive the benefit from a property or a trust depending upon the trust terms on distribution.
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