Gifting: what should I do with the debt still owing to me by my family trust?

 Prior to October 2011, if you gifted more than $27,000 to any person or trust in a 12 month period, you would have to pay gift duty. So, if you wanted to transfer an asset to your trust, you sold it to the trust and the trust owed you the purchase price. Every year, you ‘forgave’ the repayment of $27,000.00 and eventually the debt was completely extinguished. In October 2011, the government abolished gift duty. This left thousands of people wondering what they should do about the debt that was still owing to them by their family trust. On the
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