[Verse 1] When granddad sets aside his wealth today Inter vivos trusts begin their play But when he's gone and wills unfold their plans Testamentary trusts take command Special purpose trusts serve narrow goals Charity, pension, structured roles [Chorus] Twenty-one years the clock will chime Deemed disposition every time Seventy-four through seventy-five Keep attribution rules alive Remember this taxation dance Trusts don't escape the taxman's glance [Verse 2] Attribution bites when income flows To spouse or minor that you chose Section seventy-four point one declares The settlor's burden that he bears But seventy-five point two runs deeper still Reversionary trusts bend to its will [Chorus] Twenty-one years the clock will chime Deemed disposition every time Seventy-four through seventy-five Keep attribution rules alive Remember this taxation dance Trusts don't escape the taxman's glance [Bridge] Graduated Rate Estates get their break Thirty-six months for heaven's sake Qualified Disability Trust stands apart Progressive rates warm the heart But watch for reversion back to you Section seventy-five point two [Verse 3] When assets might return one day Attribution comes into play The beneficial owner bears the cost Even when control seems lost But death creates a special case Where different rules take their place [Chorus] Twenty-one years the clock will chime Deemed disposition every time Seventy-four through seventy-five Keep attribution rules alive Remember this taxation dance Trusts don't escape the taxman's glance [Outro] Inter vivos, testamentary too Special purpose trusts in review Twenty-one year rule stands firm and true Canadian trust tax law for you
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