Trusts, Explained - Everything You Need To Know About Trust Accounts in Canada For Beginners

A trust account in Canada can be a great financial tool for wealth. At a high level, a trust account is created when one person (the settlor), gives property to another person (the trustee) to manage on behalf of other people (the beneficiaries). There are a few different types of trusts accounts that you could have, too - like living trusts or estate trusts. In this video we're going to break down all of the different trust account options, what the are and why you might want to use it, and how you'd actually go about opening up a trust account. Oh, and we'll cover your money's protection, too! By the end you'll understand everything you need to know about trust accounts.

Check out the CDIC website for more information about deposit protection and Trust Accounts - https://www.cdic.ca/

0:00 Trust accounts aren't just for 'rich people'
1:13 What is a trust account?
2:52 What are formal trust accounts?
4:14 What are informal aka in-trust accounts?
5:40 In-trust account tax advantages
6:44 Revocable vs irrevocable trusts
8:14 When should you use a trust account?
9:26 How CDIC protects your deposits

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