A Trust is an agreement between 3 parties; one is the trustee who controls the property for the benefit of another person known as the beneficiary. The person creating the trust will be known as the settlor.

There are two type of trust. A public trust generally charitable trust that is created for the benefit of the general public whereas in private trust, benefits are created in favor of particular individual or group of individuals. Those individual will be known as beneficiary.

A trust needs a minimum of two trustees and no limit on the maximum. The board of directors includes the trustees. An application will be made by the trustee to the registrar of the trust having jurisdiction over the place where the trust will be registered.

Yes, this statement is correct because a trustee can also act as a beneficiary. A trust owner can designate a beneficiary who receives benefits (income and assets) from the trust. The original trustee may be replaced by the beneficiary if the trustee appears ineligible and uses their rights illegally or in violation of their legal responsibilities.

To create a trust, the property owner known as as settlor who transfers a possession to someone or cluster called the trustee to regulate that property. The property are managed for the good thing about some group of person or an individual person called the beneficiary.

Generally, any income generated by the business of the Trust will be taxable under the Income Tax Act. But if the trust pays a portion of its income to the beneficiary, the trust can get a deduction for any distributive net income. If the trust has undistributed income, the trust will pay taxes on that income.