Estate and Trust Tax Returns

Minimize Estate & Trust Tax Liabilities

Secure Your Legacy and Minimize Taxes: Trust and Estate Tax Solutions for Peace of Mind and Optimal Savings

Trust and Estate Tax Return (T3)

Estate Tax Return services are a cornerstone of our CPA firm, serving Coquitlam, Greater Vancouver, and surrounding areas. We deliver comprehensive estate tax return (T3) services at competitive rates. Central to our Estate Tax Return approach is working closely with you and your family, ensuring an effective business and wealth transition, and providing peace of mind about the assets passed to the next generation. After detailed discussions, we aim to address your needs through a meticulously crafted Estate Tax Return plan, focusing on asset protection and minimizing probate costs and fees.

Understanding the complexities of Estate Tax Return planning, we offer guidance that simplifies this critical process for you and your family. Our qualified staff, with years of experience in Estate Tax Return planning, has successfully assisted numerous families in Coquitlam and beyond. We guide you step-by-step, ensuring a robust estate plan and assuring you that your loved ones will be well taken care of, underpinned by our expertise in Estate Tax Return strategies.

Types of Final and Estate Tax Returns

Taxes can be reduced significantly by filing these three taxes. Consult us to see what type of tax returns will be necessary for your situation. Please note probate fee and the funeral charges are not deductible according to CRA rules.

Estate Tax Return - Trust T3

As the legal representative, you have a number of responsibilities and duties, one of them is to file an estate tax return. We can help you to fulfil this major responsibility. We have several years of experience in completing trust T3 returns. We will prepare a customized checklist for you to eliminate stress in your executor’s duties. The return must be filed within 90 days of the year end.

Final Tax Return

The final return must be filed by April 30 of the following year or six months after the date of death, whichever is later. This return includes income earned or accrued to the date of death.

Right or Things Tax Return

An optional tax return can be filed to minimize taxes. Rights or things are amounts that had not been paid to the deceased at the time of their death and that, had the person not died, would have been included in their income when received.

Effective Estate Tax Planning

we provide holistic advice and coordinated strategies for your entire family wealth. We work with you to structure your personal, family and business affairs so that your wishes are carried out in the most effective way, passing along wealth more to your beneficiaries and less to the government.

Clearance Certificate

As an executor you can be held liable for any amount the deceased owes to CRA. We can help you to prepare all the estate tax returns and obtaining the clearance certificate to have peace of mind.

Estate Trust Accounting

One of the critical responsibilities of the executor is to provide a full picture of income and expenses to beneficiaries. We can help you to prepare the estate’s financial statements after all expenses and debts have been paid, including income taxes, and before the remainder of the estate is distributed.

Why File Additional Tax Returns?

Losing a loved one is very difficult for any family, we understand this, let us help. On the final return, report all of the deceased’s income from January 1 of the year of death, up to and including the date of death. Report income earned after the date of death on a T3 Estate Trust Income Tax Return. In addition to the final return, you may be able to file up to three optional returns for the year of death. Information about the deceased’s income sources will help you determine if you can file any of these optional returns. You do not report the same income on both the final and an optional return but you can claim certain credits and deductions on more than one return.

Although you do not have to file any of the optional returns, there may be a tax advantage if you file one or more of them in addition to the final return. You may be able to reduce or eliminate tax that you would otherwise have to pay for the deceased. CNC Chartered Professional Accountant in Coquitlam will help you to file a final estate and trust income tax return for the deceased person.

What is Optional Return and Why Do You Need It?

Optional returns are returns on which you report some of the income that you would otherwise report on the final return. By filing one or more optional returns, you may reduce or eliminate tax for the deceased. This is possible because you can claim certain amounts more than once, split them between returns, or claim them against specific kinds of income. Chaudhry Nafees & Company (CNC) Chartered Professional Accountant in Coquitlam, can help you to determine if it is advisable to file optional tax returns for the deceased person.

What People Say?

Google Review
5/5
I brought my 2018 return into CNC to be reviewed as I felt I had missed something when I had originally filed. Sure enough, they were able to spot it and I am now waiting for a refund from Revenue Canada in the mail! I dealt with the owner, Nafees, who is friendly, knowledgeable and prompt. I'll definitely be bringing my taxes to him again this year. It was a very positive experience.
cpa coquitlam
Jane Evans
Google Review
5/5
Nafees has great problem solving skills. I had an issue with CRA for a while. They not only hold all my 2017 refund but also reassessed me for additional taxes. My previous accountant couldn't resolve the issue. Nafees handled the matter within few weeks. Not only I received my 2017 refund but also CRA reversed the reassessment. Nafees also filed 2018 taxes and I received my 2018 refund as well within couple of weeks. On the top of all this customer service was great, very polite staff. Fees was very reasonable. I will recommend Nafees for all the tax work. I am not going to change accountant anymore. This is the firm, I will be using from now on, for all my tax work.
cpa coquitlam
Marty Green
Google Review
5/5
Thanks Nafees for helping me out with my business taxes and saving me time and substantial taxes. With your professional approach and recommendations the whole process was painless. I will definitely recommend you among my friends for all bookkeeping and the tax work. Good to have an advisor like you during this difficult COVID19 times. Your advise was very helpful for my business.
cpa coquitlam
Janet Wesley
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