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.
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.