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Declaration Of Bare Trust And Agency Agreement

Declaration Of Bare Trust And Agency Agreement Template for Canada

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Key Requirements PROMPT example:

Declaration Of Bare Trust And Agency Agreement

"I need a Declaration of Bare Trust and Agency Agreement for a Toronto-based real estate investment where ABC Trust Services Ltd will act as trustee and agent for three overseas corporate beneficiaries, with the arrangement to commence on March 1, 2025."

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Document background
The Declaration of Bare Trust and Agency Agreement is a specialized legal instrument used in Canadian business and property transactions where there is a need to separate legal and beneficial ownership of assets. This arrangement is commonly utilized in real estate holdings, investment structures, and corporate planning to achieve specific business, tax, or administrative objectives. The document establishes a bare trust relationship where the trustee holds legal title to property solely as a nominee, with no independent powers or discretion, while the beneficiary retains full beneficial ownership and control. Through the integrated agency provisions, the trustee is also appointed as agent, allowing them to act on the beneficiary's instructions regarding the trust property. This type of agreement is particularly valuable in situations requiring confidentiality, simplified property management, or specific tax treatment under Canadian law.
Suggested Sections

1. Parties: Identifies and defines the Trustee, Beneficiary, and any other parties to the agreement

2. Background: Sets out the context and purpose of the bare trust and agency arrangement

3. Definitions: Defines key terms used throughout the agreement

4. Declaration of Trust: Formal declaration establishing the bare trust and confirming the trustee holds legal title only

5. Trust Property: Describes the property or assets held in the bare trust

6. Nature of Bare Trust: Explicitly states the bare trust nature and confirms beneficial ownership remains with the beneficiary

7. Trustee Powers and Duties: Outlines the limited powers and duties of the trustee in holding legal title

8. Agency Appointment: Establishes the agency relationship and scope of authority

9. Instructions and Directions: Process for beneficiary to give instructions to trustee/agent

10. Expenses and Compensation: Details any fees or expense reimbursement for the trustee/agent

11. Liability and Indemnification: Addresses trustee/agent liability and beneficiary indemnification obligations

12. Term and Termination: Duration of the arrangement and termination procedures

13. General Provisions: Standard contractual provisions including governing law, notices, and amendments

Optional Sections

1. Multiple Beneficiaries: Required when there are multiple beneficial owners to specify ownership shares and decision-making processes

2. Special Instructions: Used when specific operational procedures or restrictions need to be documented

3. Reporting Requirements: Added when regular reporting or specific documentation is required

4. Substitute Trustee: Include when provisions for replacement of trustee need to be addressed

5. Tax Matters: Required when specific tax treatment or obligations need to be documented

6. Confidentiality: Added when specific confidentiality obligations need to be imposed

7. Dispute Resolution: Include when specific dispute resolution procedures are desired

Suggested Schedules

1. Schedule A - Trust Property: Detailed description of all property held in the bare trust

2. Schedule B - Fee Schedule: Details of any fees or charges payable to the trustee/agent

3. Schedule C - Operating Procedures: Specific procedures for handling trust property and giving instructions

4. Schedule D - Authorized Representatives: List of persons authorized to give instructions on behalf of the beneficiary

5. Appendix 1 - Form of Instructions: Standard form for beneficiary instructions to trustee

6. Appendix 2 - Reporting Templates: Standard forms for any required reporting

Authors

Alex Denne

Head of Growth (Open Source Law) @ Genie AI | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

Linkedin in social icon imageX social icon image
alex.den.21@genieai.co
Relevant Industries

Real Estate

Financial Services

Investment Management

Corporate Services

Trust Services

Property Development

Wealth Management

Professional Services

Banking

Legal Services

Relevant Teams

Legal

Corporate Services

Wealth Management

Trust Services

Real Estate

Compliance

Risk Management

Investment Management

Tax Advisory

Financial Planning

Relevant Roles

Trust Officer

Legal Counsel

Corporate Lawyer

Property Manager

Real Estate Manager

Wealth Manager

Investment Advisor

Tax Advisor

Corporate Secretary

Compliance Officer

Estate Planner

Trust Administrator

Financial Advisor

Corporate Director

Risk Manager

Industries
Income Tax Act (Federal): Governs the tax treatment of bare trusts and determines tax obligations for trustees, beneficiaries, and trust property
Trustee Act: Provincial legislation that outlines the basic rights, powers, and duties of trustees, including their obligations in bare trust arrangements
Statute of Frauds: Provincial legislation requiring certain types of trusts to be evidenced in writing
Proceeds of Crime (Money Laundering) and Terrorist Financing Act: Federal legislation relevant to trust arrangements and the need for proper due diligence and reporting
Provincial Property Law: Governs the holding and transfer of property, which is crucial for bare trust arrangements involving real estate or other property
Financial Services Commission Requirements: Regulatory requirements for trust arrangements involving financial institutions or regulated services
Provincial Civil Code (for Quebec) or Common Law (other provinces): Foundational legal framework governing trust relationships and agency principles in the relevant jurisdiction
Personal Information Protection and Electronic Documents Act (PIPEDA): Federal privacy legislation relevant to handling personal information in trust relationships
Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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