Blue Maple Rule of Law Himalaya Vancouver Sailing Farm
Let’s first look at the first part of what we’re talking about is the family foundation. From the family fund, we can think of it as a few points. The type of family fund has mainly two parts. One is that a person that hold all the things, he is the owner. If this is you, you own these things and assets. We see you have a bank account, you have an investment account, even you own a company. This is the first level. Part two is that you own nothing. you give it to the other party in some way, it’s not in your name, it’s actually the Trust and Foundation. The two are different. We’ve talked several times before about the different. There were many different kinds of people sent me private message to ask about the family funds. There are many types of family funds, you have to tell me which one you consult. We do not usually speak such a word in English, but there is this word in Chinese. I’ll explain this as simple as possible. If you have a fund, you can describe it as a specified purpose. When you need money, you can take it from the fund, not from others place. If you get paid you put some money to watch movie, you can say that money is movie-watching fund. You do not use the money to do other thing, and you can’t put all your food money in it. Families with children all knew the Family Education Fund. It called RESP in Canada. The Register Education Savings Plan is a registered education fund. You put money into the education fund and the government regulates it. The added value has tax benefit and the government subsidizes it. This money can only be used for children studying, that is a special money, this part is the education fund special money. The education fund may be unregistered, you can put 2,000, or 5000 every year into the fund.You get the interest from the account, when your kids go to school you can get the money out of it. But you can’t use it for other purpose, the money in this account is for education. You can open an investment account for education too. you can have stocks and mutual funds. It’s all for education. To expand this a little bit, we take about a company. it can be an operating company or a holding company. Operating companies such as a flower shop to sell flowers. All the profits made from the shop are used for children’s, extended Family, or grandchildren, nephews, and grandchildren education. So where does the money come from? It’s from the operating company. The profit of the operating company can no longer go to its own pocket, goes to a special place instead. Extending this to a holding company is the same. But the holding company is usually for the day to day lives of a family, their jobs, and how many generations the money would transfer to. This is what I need to do. This is the fund purpose, the money in the company is for this purpose. Once the holding company money is put in the family fund, you can’t touch it for your hang out. Unless the family fund is distributed to you your part, this is your own Allowance pocket money, you can use it. But you can’t use the fund money. Even you control the company. There are two layers in it. From top to bottom the question is why do you build a fund? What is the purpose? I’ll talk about this in a moment. There are several types of family funds that we are talking about now. The first is a bank investment account you hold or that your future generations can hold directly. But trusts and foundations are not held by you as a third party or a beneficiary. The fund own third party holds it. Trusts and foundations are essentially different. You should think about a lot of things before you do this.
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