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Many families use a family trust Canada structure to manage wealth, plan taxes, and protect assets across generations. While trusts offer flexibility and tax planning benefits, they also come with strict accounting, reporting, and compliance requirements that are easy to overlook.
Accurate trust fund accounting helps ensure income is allocated correctly, filings are completed on time, and CRA rules are followed. Poor record-keeping can lead to penalties or unwanted tax exposure for beneficiaries.
If you are setting up or already managing a family trust, having the right accounting framework in place makes a big difference. Here is a helpful resource that explains family trust in Canada.
Would be great to hear from others here. Are you using a family trust, and what challenges have you faced with trust accounting or compliance?