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.
