I lost a loved one; what do I need to know for this tax season?
There is no easy way to deal with the loss of a loved one, but we are here to ensure the preparation of their final return goes as smoothly as possible. We will walk with you step by step to provide peace of mind in these trying times.
The best way to start is to schedule an in-person meeting together with a professional, and we will help you determine the best way to proceed.
I’m the executor named in the will (or an administrator of the estate) of a deceased individual and I understand I’m responsible for paying the Estate’s taxes before distributing the estate’s assets to the beneficiary of the will. I don’t know where to start?
In general, a Final tax return for a deceased individual in the year of their death involves reporting the income earned by the taxpayer up until the date of their death and has many the same qualities as one for a living taxpayer.
These are just some of the considerations that provide pitfalls and opportunities. We have the knowledge and experience to guide you through these complicated issues to help you fulfill all tax filing requirements and responsibilities while making sure that you do not pay more than your fair share of tax.
Prior to your meeting with Talbot, there are a couple forms you should begin compiling, to ensure everything goes as smoothly as possible.
- Death certificate
- Last will and testament (signed copy)
- T-slips (T4, T4RSP, T4A(P), T4RIF, T5, etc.)
- Donation receipts
- Medical expenses
- Rental amounts
- Prior year’s income tax return (if taxpayer was not a client of Talbot and Associates)
- Investment documentation
- Contact information for the investment manager
- Statement showing the adjusted cost base (ACB) of all investments held at date of death
- Statement showing the fair market value (FMV) of all investments held at date of death
- RRSP contribution slips
- RRIF balance as of date of death
- RRSP balance as of date of death
Tax planning before death can have tremendous tax advantages. This tax season, ask your tax professional how succession planning can ensure the smooth transition of assets to your loved ones.
Every individual’s tax situation is different. This is even more true for deceased individual’s and their estates. Getting a handle on what information and supporting documents need to be gathered starts with a consultation meeting.
We recommend contacting Matthew Hofer (204-987-4875 or firstname.lastname@example.org) who specializes in the preparation of final tax returns. He will provide you with a copy of our Estate Tax Information Package and explain what should be done and what should be gathered for the consultation meeting.