At present, only trust companies are permitted to act as corporate trustees, executors, and administrators in Canada. However, trust companies have increasingly become multi-purpose financial institutions. The trust and fiduciary part of their business has diminished in importance. At the same time, because of our aging population, more people require assistance to manage the wealth they have accumulated over a lifetime, and may require a variety of fiduciary services. In other jurisdictions, including the United States, Britain, and other Commonwealth countries, trust and fiduciary services are more widely available, and more varied in content. This consultation paper examines the law governing corporate trustees and fiduciaries in Saskatchewan, and asks whether the monopoly on trustee services currently possessed by trust companies is still necessary. This project is part of the Commission’s focus on legal issues affecting the elderly.
The complexity of the law of perpetuities and accumulations can lead to unexpected and undesirable results. Social concerns originally justifying the rules no longer obtain. The Commission thus concludes that the rule against perpetuities and accumulations ought to be abolished