STEPS YOU NEED TO TAKE

• A final tax return must be filed after death.
• Elective tax returns could be filed if beneficial.
• A trust return might be filed if income warrants.
• A Clearance Certificate is required to clear all accounts of the deceased.

WHAT YOU NEED TO KNOW

Only the legal representative of the deceased can communicate with Revenue Canada.

The legal representative is responsible for filing all tax returns and remit any balance due.

RRSPs or RRIFs are fully taxable at the time of death. We can assist you to find out how to defer those taxes.

All capital assets are deemed sold at the time of death, find out how to reduce or defer those taxes.

The estate could be eligible for Canada Pension Death Benefits. Find out who is responsible for the taxes.

There are special elective returns that can be filed in the year of death to reduce the deceased tax liability.

Find out how to allocate income to the beneficiary, and what to do when the beneficiary lives outside of Canada.

If the executor is out of Canada your estate will become a non resident estate.

Let us help you sort it all out