Income Taxes For Estates Solved.
Our services and fees
Income taxes can be stressful and time-consuming.
Many trustees struggle to find professionals with the knowledge and experience to 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.
Filing income tax returns for deceased individuals and estates is a specialized activity. Most tax preparers are not very experienced in this field. We are.
We do not file tax returns for living individuals (with possible exceptions for the surviving spouse), and focus on helping estate trustees get through the process of preparing and filing correct income tax returns as efficiently and efectively as possible.
The terminal return of the deceased.
Usually by far the most complex tax filing, this is the return that deals with the year of death, and all deemed dispositions and roll-overs. Requires specialized knowledge of the law and process to complete accurately and efficiently. Our fee includes all key file set-up steps, including in particular ensuring that CRA recognizes you as the legal representative of the deceased, and CRA recognizes us as your authorized representative.
Returns for additional years before death
Reductions possible for multiple years.
Return for the surviving spouse, the year of death
Includes dealing with roll-overs, allocations of deductions and credits between the spouses.
Clearance certificates.
Includes preparation and filing of the request for the clearance certificate.
The first T3 trust return for the estate. Only required if the estate has income.
Requires specialized expertise and software
Returns for additional years of the estate as a trust
Reductions possible for multiple years.
Non-resident beneficiaries. Additional CRA filings are required if one or more beneficiaries of the estate lives outside Canada.
Estate taxes solved.
Relax. We have you covered.
We help estate trustees deal with income taxes
Asset searches, probate tax, trustee compensation
Assets searches
We conduct comprehensive searches for assets including savings and investments, bank accounts, life insurance, real estate etc.
Estate Information Return
We help prepare and file the EIR (estate information return) for EAT (estate administration tax, or probate tax) with Ontario. 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.
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