Services

Estates & Trusts

Estate Taxation

When an individual dies, the Executor or Administrator of the Estate is responsible for the tax filings of the deceased and the Estate of the deceased.

We can assist in the preparation of these tax filings which include:

• Unfiled Personal T1 tax returns for years prior to death
• T1 tax returns for the year of death – i.e. Date of Death T1 (Terminal T1), Rights & Things T1, etc.
• Estate T3 tax returns – from date of death to final distribution
• Ongoing Trust T3 tax returns – i.e. for minor beneficiaries, a spousal life interest, etc.
• Obtaining a Tax Clearance Certificate(s)

We offer other Estate tax services such as:

• Review and adjust prior years T1 tax returns
• Advise the Executor or Administrator on tax planning opportunities
• Determine capital gains and losses on deemed disposition of assets at date of death
• Prepare T4 tax slip – Executor or Administrator Fees
• Advise beneficiaries of interest earned after the Estate tax wind-up date
• Request for T2062 (Certificates of Compliance for distributions of capital to non-residents)
• Assist non-resident Executors with Canadian tax compliance on Estates with Canadian assets or income
• Advising on Trust’s 21-year deemed disposition of assets

If the deceased owned a business at the time of death, the Executor or Administrator may also be responsible for any required tax filings of the business. We will work with our business tax team to assist the Executor or Administrator in this area.

Estate Accounting

We provide bookkeeping and account reporting services for Estates and Trusts, such as compilation of Estate accounts in summary format, and preparation of formal Estate accounts for Passing of Accounts in Court.

We also assist Private Committees in the preparation of the “Summary of Accounts – Account Submission Package”, as required by the Public Guardian and Trustee of BC.

Estate Planning

We can advise on succession planning for an individual, their family, and their business, in order to minimize income taxes. This may include the re-organization of their business and the use of Trusts during life and after death. We can also advise on the Registered Disability Savings Plans (RDSP) and provide information on the costs and benefits of setting up a Trust for a disabled individual.

We cannot act as solicitors or advise on legal matters. Our role as tax and accounting advisors is to help navigate the compliance requirements.

Personal

Personal Tax Preparation

We prepare personal T1 income tax returns and have extensive experience with the following:

Income Sources

• Investment income
• Capital gains and losses
• Sale of real estate or title transfer
• Business income (click for details)
• Rental income
• Foreign income and assets
• Farming income

Deductions, Tax Credits & Benefits

• Pension splitting election
• Medical expenses optimization
• Charitable donations and bequests
• Disability tax credit
• Attendant care
• Infirm dependents amount
• RRSP, TFSA, RESP, RDSP

Other Services

We provide other personal tax and accounting services, such as:

• Caregiver services – advise on payroll and T4 filings
• Preparation of financial statements for divorce settlements
• Voluntary Disclosure – T1 back filings and T1 adjustments
• Adjusted Cost Base (ACB) calculations
• Estates & Trusts (click for details)

Forensic & Special Investigations

Our forensic and special investigations team has experience and knowledge in investigating fraudulent financial activities for Estates and family matter disputes, business, and not-for-profits.

The team consists of a designated Certified Fraud Examiner (CFE), two associate members of the Certified Fraud Examiners Association, and two support staff.

Our forensic and special investigation services include:

• Expert witness testimony
• Financial fraud investigations
• Litigation support
• Alleged fiduciary abuse investigations

We provide these services to persons & organizations, legal counsel, and the Public Guardian and Trustee of BC.

Not For Profit

Tax Preparation and Planning

We prepare annual tax and information returns for not-for-profits and charities as required by Canada Revenue Agency, including:

• T2 Corporate Income Tax Return
• T1044 Non-Profit Information Return
• T3010-1 Registered Charity Information Return

Financial Statements

We provide the following financial statement preparation and assurance services for not-for-profits and charities:

• Compilation Engagement (Notice to Reader)
• Review Engagement
• Audit Engagement

If the organization has no requirement for annual audited financial statements, a compilation or review engagement may be sufficient. Requirement for an audit is identified in an organization’s Charter or incorporation documents. Also, a motion to require an audit may be approved by the general membership. This would be stated in previous annual general meeting minutes and should be approved each year.

Other Services

Other services we provide to not-for-profit and charities are:

• Review or audit of internal controls
• Forensic audits
• Feasibility studies
• Accounting software setup and training

Non-Residents

We can advise Non-Residents on Canadian tax reporting requirements and assist them in preparing Canadian tax filings in the following circumstances:

Disposing of Canadian Property

We can assist the non-resident vendor to meet Canadian tax compliance as follows:

• Calculate the capital gain and withholding tax
• Request a Certificate of Compliance T2062
• File Canadian Income Tax return

If the non-resident vendor does not comply with Canadian tax legislation, the purchaser will be liable for a withholding tax – 25% to 50% of the sale proceeds.

Rental Income

• Advise and calculate the withholding tax requirements
• Annual NR4 tax filings for payments to non-residents
• Annual NR6 filings for Optional Election to reduce the withholding tax