We are experiencing a silver Tsunami. The leading edge of the Boomers turned 65 six years ago. On average, 1,250 Canadians turn 65 years old every single day. Most Boomers were born between 1961 -1965. That’s why you feel everyone has been turning 50. And people are living longer, much longer.
With all of this happening, it’s small wonder that the media, politicians and the financial services business are all talking about retirement. That kind of focus may be good, because of what it means for savings habits and pressures on goods and services.
Trustees can be appointed for any number of reasons, but whatever the purpose may be, the duties of a trustee are typically to hold the legal title of an asset or group of assets for another person. Trusts are made up of four components: the settlor who creates the trust, the trust and its assets, the trustee who is responsible for the trust, and the beneficiaries of the trust. When a settlor creates a trust and appoints a trustee, they are in essentially “trusting” you to manage the assets appropriately for their beneficiaries. This may seem like an honor or a privilege, but in reality, being named a trustee is a huge responsibility and can be a stressful position to uphold.
The Lifetime Capital Gain Exemption (LCGE) was introduced in Canada in 1986. The LCGE allows for individuals to shelter a certain amount of capital gains on disposed property if certain conditions are met.