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Business account in the name of a Trust

A trust is a strategic tool for financial, tax and succession planning. According to personal, professional or financial objectives many types of trust can be created. National Bank offers two types of trust to the physicians:

  • The family Trust enables the physicians to distribute his company dividends to the members of his family (spouse, mother, father, children and grand children) while reducing income tax on revenues.
  • The Health and Welfare Plan enables the employers to offer one or several benefits to his employees and/or their families.

A trust is a distinct patrimony by appropriation in which the client transfers all or part of his/her assets, while living. For which he agrees to detain and administer on behalf of beneficiaries (for example member of his/her family) in accordance with terms and objectives predetermined by the client in the Trust Agreement.

The three parties to a trust are the settlor, trustee and beneficiary.

The settlor is the individual who settles the trust. Legal title to the subject property of the trust is transferred to the trustees of the trust for the benefit of the beneficiaries. After the creation, the settler is no longer implicated in the management of the trust.

The trust may have multiples trustees and these trustees are the legal owners of the trust’s property. They have a fiduciary duty to beneficiaries and various duties, such as a duty of care and a duty to inform. They ensure that the Trust capital and any income it produces are beneficial to the family members.

The beneficiary can either receive income or capital or both from the trust depending upon the trust terms on distribution. They have beneficial interest in the trust company.

Advantages of the Family Trust:

  • Income splitting: family members may benefit from the income generated from the trust in order to reduce income tax.
  • Asset protection: important personal assets are protected against seizure by creditors.
  • Exemption on capital gain: each beneficiary may collect up to 750 000$ free of income tax.
  • Succession planning: total or partial transfer of the company to children, family members or employees.
  • Provisions for children’s study funds.

Advantages of the Health and Welfare Trust:

  • Social advantages offered to employees and/or their families are flexible.
  • Labour or workforce retention tool.
  • Employer contributions are tax deductible.


  • Self employed physicians or doctors (incorporated or not)
  • Clients of our partners
  • Owner of a physician Business Account


  • Available only in Canadian dollars
  • No fixed monthly fees and no administration fees
  • Client card is not offered
  • Free monthly enrolment to IBS-B (internet) and telnat Automated Telephone Service
  • Transactions not permitted : fund transfers from a personal account to a commercial or trust account
  • IBS-S allows to proceed with electronic fund transfers :
    • Between commercial accounts bearing the same signee or authorized signature
    • To another account (personal or commercial) for bill payment (including accounts from other financial institutions)
According to the agreement the Bank has with your firm, this product might not be available.