Trusts and Estates

With unexpected events in life, we are here to help you effectively tax plan and manage your personal assets or business for both current and future generations. 

Trusts are legal entities and are commonly created to minimize future gifting of assets and estate taxes.

We are here to help you protect your assets, strategically plan to transfer your assets, minimize tax burdens, and assist in making distributions and gifts.

Planning for Every Stage of Life

Major life events — retirement, a serious health diagnosis, the death of a spouse, or the desire to transfer a business to the next generation — require careful tax and estate planning. At Nguyen Scott LLP, we help individuals and families in Edmonton, St. Albert, Leduc, and Drayton Valley protect what they have built and transfer it as efficiently as possible.

What Is Estate Planning for Tax Purposes?

Under the Income Tax Act, a deemed disposition of capital property occurs at death — meaning accrued capital gains on investments, real estate, and business assets are triggered and taxable in the deceased’s final return. Without planning, this can represent a significant and avoidable tax liability. Strategies such as spousal rollovers, RRSP and RRIF beneficiary designations, and structured asset transfers can substantially reduce or defer this tax burden.

Trust Returns (T3 Filings)

Trusts are required to file an annual T3 Income Tax and Information Return with the Canada Revenue Agency. Whether your trust was created during your lifetime (inter-vivos) or through a will (testamentary), our team prepares and files T3 returns accurately and on time. Since 2024, most trusts are also required to file a Schedule 15 disclosing beneficial ownership information.

Succession Planning for Business Owners

For Edmonton-area business owners, succession planning involves more than a will. It may include an estate freeze to lock in the current value of the business and transfer future growth to the next generation, share restructuring to allow family members to participate in the business, or a planned sale with optimized capital gains treatment. These strategies require early action — succession planning that begins years in advance is far more effective than planning that begins in response to an urgent event.

Our Services

Nguyen Scott LLP assists with T3 trust income tax return preparation and filing, estate return preparation for deceased individuals, succession planning for businesses and personal assets, estate freeze planning, and strategic tax planning to minimize the tax impact of asset transfers. Contact us at 780-458-5479 or Get In Touch Here for a confidential consultation.