A personal trust is:
- a graduated rate estate; or
- a trust created gratuitously in which no beneficiary right was acquired for consideration to be paid, directly or indirectly, to the trust or to a person or partnership that contributed to the trust, in order to acquire a beneficial interest. The settlor may acquire all the interests in the trust without the trust losing its status as a personal trust. The same is true for settlors that are related to each other.
- The term “personal trust” includes:
- a spousal trust;
- a joint spousal trust;
- an alter ego trust or a self-benefit trust;
- a trust for a beneficiary under 21 years of age;
- a deemed trust.
- A unit trust is not considered to be a personal trust.