Document background
The Irrevocable Trust Agreement is a crucial estate planning tool in Canadian law, used when individuals or organizations wish to permanently transfer assets to benefit specific individuals or entities while potentially achieving tax efficiency and asset protection. This document is particularly relevant in situations requiring long-term asset protection, tax planning, or specific benefit arrangements for family members or charitable purposes. The agreement must be carefully structured to comply with Canadian federal tax laws and provincial trust legislation, including the Income Tax Act and relevant provincial Trustee Acts. It contains detailed provisions for trust administration, investment management, distribution requirements, and trustee succession, making it suitable for complex estate planning, charitable giving, or special needs planning. Once established, the trust's terms cannot be modified or revoked, emphasizing the need for careful consideration and professional guidance in its creation.
