[Verse 1] When someone sets up trust arrangements here Three types emerge crystal clear Inter vivos made while you're alive Testamentary when you die Special purpose has a targeted goal Each one plays a different role [Chorus] Twenty-one years then deemed disposition Attribution rules need recognition Seventy-four to seventy-five Keep these sections well alive Reversionary trust at seventy-five two GRE and QDT coming through [Verse 2] Every twenty-one years the clock will chime Deemed disposition happens every time Capital gains must be recognized Even though nothing's been sold or prized Reset the cost base, pay the tax This rule keeps the system on its tracks [Chorus] Twenty-one years then deemed disposition Attribution rules need recognition Seventy-four to seventy-five Keep these sections well alive Reversionary trust at seventy-five two GRE and QDT coming through [Verse 3] Attribution rules will make income flow Back to the person who made it grow Seventy-four point one starts the game When spouse or minor holds the claim If you transfer property down the line The income might still be considered mine [Bridge] Reversionary trust at seventy-five two When property comes back to you If there's a chance it will return The settlor's tax rates will still burn All the income, all the gains Flow back through those legal chains [Verse 4] Graduated Rate Estates get special care First three years with rates to spare Qualified Disability Trust takes the stage Progressive rates at any age Both exceptions to the flat tax rule Making trust taxation more flexible tool [Chorus] Twenty-one years then deemed disposition Attribution rules need recognition Seventy-four to seventy-five Keep these sections well alive Reversionary trust at seventy-five two GRE and QDT coming through [Outro] Trust taxation has its special ways Navigate through these complex maze Remember all these rules together Canadian trust tax law forever
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