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GCSE, Green Chencinski Starkman Eles LLP Chartered Accountants, is a full-service, public accounting firm, primarily serving the small and mid-size, entrepreneurial business and professional sectors in Toronto Canada. GCSE’s experienced partners and professional, support staff strive to provide accounting and advisory services using an invaluable personal approach, designed to meet each client’s individual needs. This “personal touch”, combined with a full range of accounting, auditing, tax compliance and planning services allows GCSE to meet all your business and personal accounting requirements.

  Residency of Trusts To Be Reviewed

As a result of recent jurisprudence, it is now accepted that a trust is resident in the jurisdiction where control is exercised, and not necessarily where the majority of trustees reside.

As a result, any planning that involve setting up trusts in low tax jurisdictions must ensure that control is regularly and habitually exercised in those jurisdictions. It is no longer sufficient to appoint resident trustees who have minimal involvement in or understanding of the trust matters. Potentially troublesome factors may include: beneficiaries all resident outside of the jurisdiction; all investment decisions are exercised outside of the jurisdiction; person outside of the jurisdiction providing instructions to the trustees concerning trust allocations, etc. These factors should be reviewed to ensure that the residency of trust can be supported.
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