General tax treatement of RRSP/RRIF’s upon death and the liability for those taxes is discussed.
The fair market value of your RRSP/RRIF account is included in income on your Date of Death T1. I am often asked who is responsible to pay the income taxes relating to the RRSP/RRIF – the Estate or the designated beneficiary of the RRSP/RRIF?
The importance of obtaining a Tax Clearance Certificate for an Estate of a Canadian deceased taxpayer and practical tips on how to request one.
I considered answering the 5 W’s in the order we are used to saying them, but it is the “why” that is going to grab your attention. So, I am going to start there. Unless otherwise stated, the term Executor includes any words or phrases used to describe the legal representative of the Estate.