Did you know, thanks to Stephen Harper, that the rules for
trusts and estates have changed? Before
the Conservative Budget of 2014, trusts were taxed on a graduated rate. But
since January 2016, all trusts are now taxed on a flat rate close to an
enormous 50 percent in British Columbia. This means, for example, that on a trust
income of $15,000 the new taxes would be about $5,000 instead of $500
previously.
Harper’s new rules defeat the purpose of having trusts. While he seems to have a morbid sense of
playing with other people’s family legacies, our former prime minister also had
a clear purpose: to disrupt the privileges of people like Justin Trudeau,
colloquially known as a trust “baby”, following Trudeau Sr.’s plans.
But not all those who hold trusts are privileged. Nor do they all have the disposable income to pay, year
after year, for such a ridiculous jump in taxes. It is said that there is nothing more sure in
life than death and taxes. Perhaps we
can modify the familiar refrain: thanks to Harper, whom I never trusted, there
is nothing more sure than death owing to taxes.
