Income taxes can be stressful, slow, expensive, and very time-consuming. We solve estate taxes.
Many trustees struggle to find professionals with the knowledge and experience. We can help.
We handle income tax issues for estate trustees. We assist with filing all returns necessary for the deceased while alive, the 'terminal return' (the year of death), and all returns for the estate after death to distribution. We also assist with clearance certificates, issues related to non-resident beneficiaries, and trustee compensation. We do it well and quickly at reasonable cost.
Income taxes for the year of death are very different from normal income taxes. Everything is different from who must file (the estate trustee (executor), not the taxpayer), through legal authorizations, to the tax law applicable to determination of income (deemed dispositions) and deductions.
Tax returns for estates after death are also very different from normal income tax returns. Estates are trusts, and different forms, different deadlines, and different rules apply to trust that do not apply to individuals.
We specialize. We only file tax returns for deceased taxpayers, their surviving spouses, and for estates.
We do this a lot. We are experts at navigating the complex process and laws to get returns prepared and filed properly on time.
We are prompt. No undue delays. We respond quickly to your inquiry, and prepare and file the returns as promptly as we can.
We are efficient. We have skilled, well trained staff (including licensed CPAs) who use the best technology and the best processes to get your returns prepared and filed properly at reasonable cost.
We handle the complexities. We are experienced dealing with the complex issues that arise often in estates but which are uncommon for all other taxpayers. These issues include calculating, declaring and paying taxes on trustee compensation, dealing with withholding taxes on payments to beneficiaries who live outside Canada, dealing with many years of unfiled returns, requesting relief from penalties and interest because of late filings, ensuring that deductions for medical expenses and disability claims are submitted properly, and requesting clearance certificates.
Our fees
We charge fair, fixed fees
Advertise for creditors
An estate essential. Every estate trustee should 'advertise for creditors' in the proper manner. This step protects the trustee, the estate, and the beneficiary from potential claims later.
Notices of Death - closure of accounts
An estate essential. We notify third parties and close relevant accounts such as government services, driver's licenses, pensions, and utilities (phone, gas, hydro, TV etc.). This protects the trustee, the estate, and beneficiaries from losing money and identify theft.
Assets searches
We conduct comprehensive searches for assets including savings and investments, bank accounts, life insurance, real estate etc. Maximize the value of the estate, and minimize liability for the trustee. Recover unknown assets, find outstanding debts.
Asset recovery
We help collect funds due to the estate. Pensions, RRIFs, TFSAs, life insurance - often estate trustees rely on us to get the full amounts paid properly to the estate in a timely manner.
Estate Information Return
We help calculate an pay probate taxes, including preparing and filing the estate information return (EIR) Due 180 days after probate.
Trustee compensation
We help calculate the compensation due to the trustee and the necessary tax remittances, prepare and file all necessary income tax and estate account documents.