Budget 2014: Elimination of immigrant trusts

Jamie Golombek, managing director, tax and estate planning, CIBC Private Wealth Management, reports that Budget 2014 proposes an immediate end to the 60-month exemption on immigration trusts, without grandfathering. The budget proposal requires that tax be paid immediately on investment income earned in non-resident trusts. He spoke from the Budget 2014 lockup in Ottawa.