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Glossary of Terms

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Family Trust

A Family Trust is a discretionary trust set up to hold a family's assets or to conduct a family business. Generally, family trusts are established for asset protection or tax planning purposes.

Federal Incorporation

Incorporation under the Canada Business Corporations Act. Federal Corporations, otherwise known as Canada Corporations have the constitutional right to carry on business under their registered corporate name within any Canadian Province or Territory, subject to any provincial or territorial requirements. This type of corporation can therefore operate across Canada under its own corporate name.

Federal Jurisdiction

The areas of law in which the federal government has control as defined by the Constitution Act.

Fiscal Year

A corporation's accounting year. A period of twelve consecutive months chosen by a business as the accounting period for its annual reports.

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