Deceased and estate tax returns, handled with care
When someone passes away, there can be several tax filings and decisions required before an estate can be settled. We assist executors and families with the deceased's Final T1 tax return, estate and trust returns, Compliance Certificates, and all other CRA requirements and related tax matters.
OVERVIEW
Clear guidance for executors and families in BC & Alberta
Administering an estate often involves more than filing one final personal tax return.
The deceased's Final T1 Income Tax Return reports income and certain transactions up to the date of death. Depending on the circumstances, additional or optional returns may be available, and a T3 Trust Income Tax and Information Return may also be required for income earned by the estate after death.
We help executors understand what needs to be filed, what information is required and the tax considerations that should be addressed before estate assets are distributed.
Our team can also work with the estate's lawyer, investment advisor and other professionals where coordination is required.
“Our goal is to make the tax side of administering an estate clear, organized and manageable for the executor and family.”
WHAT'S INCLUDED
Final Tax Return for the Deceased
Final T1 tax return preparation and post-mortem tax considerations
- Final T1 Income Tax and Benefit Return
- Review of income earned up to the date of death
- Capital gains and deemed dispositions at death
- RRSP, RRIF and registered investment considerations
- Principal residence and other real estate reporting
- Review of available deductions and tax credits
- Optional returns, including Rights or Things, where beneficial
- Prior-year tax filings or adjustments where required
Estate & Trust Tax Returns
Tax compliance for the estate after the date of death
- T3 Trust Income Tax and Information Returns
- Graduated Rate Estate tax filings
- Investment and other income earned by the estate
- Capital gains and losses realized during the estate administration
- Allocations and distributions to beneficiaries
- T3 slips for beneficiaries where required
- Final estate tax return
- CRA clearance certificate applications
Tax services after someone passes away
EXECUTOR SUPPORT
A clear process and careful attention to requirements
01
Determine what needs to be filed
We review the deceased's circumstances, assets and estate activity to identify the tax returns and CRA filings that may be required.
02
Prepare and coordinate the filings
We prepare the applicable tax returns and help organize the tax information needed from financial institutions, lawyers, executors and other advisors.
03
Help you get the final distribution
We assist with outstanding CRA matters, final estate filings, and clearance certificate applications so the executor can move toward completing the estate administration.
COMMON ESTATE TAX MATTERS
Estate tax filings can become more involved when the deceased owned:
- Investment portfolios with significant accrued gains
- Rental or other real estate
- Private company shares
- A business or professional corporation
- RRSPs or RRIFs
- Foreign property or investments
- Trust interests
- Assets passing to multiple beneficiaries
We can also assist where there are significant capital gains, post-mortem tax planning opportunities, corporate interests or other complex estate matters.
When professional assistance can be particularly important
RELATED SERVICE
Planning before an estate arises
GET STARTED
Speak with a CPA about a deceased or estate tax return
If you are an executor, administrator or family member responsible for someone's tax affairs, contact our team to discuss the deceased's Final T1 return, T3 estate returns, CRA clearance certificate or another estate tax matter.