The effect of B.C.’s new Family Law Act on discretionary family trusts

To help you better understand how British Columbia’s new Family Law Act (FLA) affects discretionary family trusts, and what it means for your clients, Chartered Professional Accountants of Canada (CPA Canada) is providing you with easy access to an article on this topic by MNP LLP.

B.C.’s new FLA provides more clarity on how to divide assets during a marital breakdown. But, it has raised certain issues for tax and estate advisors relating to the treatment of an interest in a discretionary family trust.

To better understand the implications of this aspect of the new FLA for your accounting clients, read this article by MNP, “Do You Have Trust Issues? Inside B.C.’s New Family Law Act.” Published Dec. 2, 2013 on the organization’s Insights blog, it explains the main consequences of the new act when it comes to the beneficiaries of a discretionary family trust.