CRA considers that a Netherlands Antilles private foundation qualifies as a trust notwithstanding its separate legal personality
4 February 2016 - 11:35pm
Although a Netherlands Antilles private foundation has separate legal personality (including a separate legal entity clause in the governing legislation) and capacity to acquire rights and liabilities (with no beneficiary liability), CRA nonetheless considers it to be a trust rather than a corporation given that it does not issue shares, the beneficiaries do not pay for their interests in the foundation, they cannot transfer their beneficial interests and they do not have a right to participate in any decisions of the foundation. Although it is still quite dissimilar to a common law trust, it is good enough that it is somewhat similar to a civil law trust.
Neal Armstrong. Summary of 4 October 2010 Memo 2008-0289461I7 under s. 104(1).