Have you agreed to be the executor and now need to understand your duties?
Between the deceased’s Final Return, the potential Rights and Things Return, to the T3 Estate Return and the final clearance certificate, the executor has a lot of things to know to be able to fulfill one’s responsibilities. But our experienced and compassionate team of dedicated estate specialists will assist you with navigating this difficult process.
I’m grateful for your comprehensive approach, your thoroughness, and the unusual clarity of your advice.
You are one-in-a-million, and I thank you for your kind help.
Armelle Molin
Depuis bon nombre d’années, l’entreprise Talbot et Associés gère nos rapports d’impôts. Leurs services sont respectueux, efficaces et hautement professionnels. Nous saluons particulièrement Monsieur Pierre Normandeau.
C L
Really appreciate the work done by Rosanna Sternat at the Selkirk branch of Talbot. The work and interactions are always professional, timely, with a focus on great customer service and attention to detail. Rosanna and the team have been doing my taxes for close to a decade. They did all of the work related to my mom’s estate as well. I trust and value her work… I wouldn’t go to anyone else.
Y D
MANY thanks for the assistance and expertise.
It was very comforting to know we had an expert looking after these taxation requirements during such a difficult time.
K D
My friend mentioned how grateful she was to all of you for helping her through this, for all of your attention and care. I know how much it meant to her not to have to organize another thing when she’s already got so much on her plate on top of the grief of losing her husband.
Charles Brunet
Our firm recently switched to Talbot & Associates and we couldn’t be happier! They are extremely helpful and courteous. They actually discuss matters with options and solutions on subjects that the other firm did not even bother to bring up. We are very impressed with their professionalism with regards to tax savings and estate planning. We were at a loss as to how to approach our impending retirement in 5 years, and they are truly assisting in these future preparations. They are well organized and respond to our questions within 24 hours.
Our only regret is that we didn’t switch to Talbot sooner!
J J
My friend was a basket case with worry about the Canadian and Income tax returns she had as well as the Final return.
She was so happy with everything that was done for her and said she had told Dan (accountant) that she couldn’t sleep at night – but he told her “go to sleep – we’ll take care of everything.” She informed me that she did sleep that night and while the worry was still in the back of her mind she was glad that someone was taking care of it, and of her.
You meet with us to learn how we can help
We take care of everything, keeping you informed throughout the process.
You meet with us to review the completed returns. We review your notices of assessments and submit your request for a clearance certificate. You enjoy true peace of mind.
If you have any question, please feel free to reach us
For your information, see our fees for Income Tax Returns for Deceased Individuals but keep in mind that every case is unique and you may discover unknown items along the process obtaining your clearance certificate.
What are the responsibilities of an executor (or administrator) of the Estate of a deceased individual?
As the legal representative of an estate, it is your responsibility to:
File all required returns for the deceased
Ensure that all taxes owing are paid
Let the beneficiaries know which amounts they receive from the estate are taxable
These responsibilities include the filing of the deceased individual’s Final Tax Return. A Final Tax Return for a deceased individual involves reporting the income earned by the deceased up until the date of their death. It has many of the same qualities as one for a living taxpayer.
However, there is much more to consider from a tax perspective, such as:
The deemed disposition of the deceased’s assets upon their date of death - Final Return
Whether any amounts can be reported on a Rights and Things return
The income earned by the deceased’s assets after date of death - T3 Estate Return
Whether a clearance certificate is required
These are just some of the considerations that provide pitfalls and opportunities. We have the knowledge and experience to help you fulfill all tax filing requirements and responsibilities while making sure that the estate does not pay more than its fair share of tax.
What is “deemed disposition”?
A deceased taxpayer is deemed to have disposed of all their property at fair market value on their date of passing. (There are exceptions to these rules when there is a surviving spouse.) As a result, accrued capital gains and losses on these properties will be triggered upon death and must be reported on the Final Return.
Examples of property that are subject to deemed disposition rules:
Cottage or cabin
Land that exceeds 1.25 acres
Farmland*
Rental house
Unregistered investments
Balance of RRSP and RRIF
Shares in a private corporation*
*Our team can advise on the criteria for Qualified Farm Property and Qualified Small Business Corporation Shares and whether the deceased can possibly take advantage of their lifetime Capital Gains Exemption.
What is a spousal roll-over?
Assets of the deceased that are transferred to a surviving spouse are rolled over at cost; effectively, there would be no capital gains or losses to be calculated. In some instances, the surviving spouse may create future tax savings by electing out of the rollover, and dispose of the deceased’s assets at fair market value. This sort of tax planning can be considered during the preparation of the Final Return.
What is a “Rights and Things Return”?
In some cases, it may be worthwhile to file an elective Rights and Things Return. In general, Rights and Things include most income that was earned by the deceased up to their passing, but not received until after their date of death. Rights and Things Returns have access to the same graduated rates as final returns and can duplicate the claim of specific tax credits. This can reduce or eliminate the tax on qualifying income. We can help you consider whether the potential tax savings of filing a Rights and Things Return is worth the additional time and effort.
What is a “T3 Estate Return”
When a person dies, their estate comes into existence at that time as a matter of law and the estate will take ownership of the deceased’s assets. In general, income earned by the estate’s assets is reported on a T3 Estate Return. T3 Estate Returns may need to be filed annually as long as the Estate continues to own assets.
Some examples of income reported on a T3 Estate Return are as follows:
Interest earned on term accounts and Guaranteed Investment Certificates (GIC)
Dividends earned from corporate shares and mutual funds
Increases in the value of TFSA, RRSP, and RRIF accounts
Rental income earned on a property
Proceeds received upon the sale of property
Deemed proceeds received upon the transfer of property to a beneficiary
$2,500 CPP death benefit
How long will the tax returns take to complete?
The timelines for the preparation of these returns vary. Expectations will be discussed at your initial meeting with one of our accountants. The filing due date for Final Returns is typically April 30 of the year following date of passing but is extended to 6 months after the date of death if the individual passes away between November 1st and December 31st.
What is a Clearance Certificate?
A clearance certificate:
Confirms that an estate of a deceased person or a corporation has paid all tax, interest, and penalties it owed at the time the certificate was issued
Allows the legal representative to distribute assets without the risk of being personally responsible for amounts the deceased, estate, trust or corporation might owe the CRA
If you have any question, please feel free to reach us
This jack-of-all-trades has more nick names than Canada has bodies of water. Call our St. Boniface office and ask to speak to any of these people to reach Pierre Normandeau: “Pete”, “Best Dad Ever”, “#1 Boston Bruins Fan”, “Willing Husband”, “Devoted Friend” or “Lipsync Master”. Pierre joined T&A in 2002. Clients and colleagues alike appreciate his patience, quick wit, caring attitude and winning ability to crank out accounting greatness. Pierre graduated from École Technique et Professional (University St. Boniface) in 2002. After obtaining his CGA designation, he became one of T&A’s partners, then also, St. Boniface Manager. His passion for connecting with people is evident. Being able to provide them with positive life-impacting solutions are the moments where he feels most rewarded at the firm. For fun, Pierre enjoys participating in whatever adventure his charming wife conjures up for the family. His future dreams include pouring into his kids so they can achieve their dreams and to one day whisk his wife away to the South of France on a moment’s notice.
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MattHofer CPA
matt.hofer@talbotcpa.ca
If one were to give directions how to get to the town of Matt Hofer, they’d tell you to go down Sincerity Road, hang a left at Wit Junction, jump on the train at Imagination Station, then go a block up to Affable Avenue until you find yourself at Grateful Gate. Matt has been a part of the T&A family since 2012. He brought with him an incredible work ethic and a B.A. (Hons.) with a major in Political Studies. He earned his CPA designation in 2021. Matt can usually be found coming up with ways to help his family or clients achieve their dreams. He strongly believes in putting his family first and is appreciative for all the ways he is blessed in this life. For fun, Matt enjoys playing all types of table-top games, especially role-playing games, with friends and family.
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BrendaPrychitko
brenda.prychitko@talbotcpa.ca
Brenda loves meeting with clients to identify their needs and help them solve their problems. Whether her clients need assistance with their personal tax return, year-end or estate, her attention to detail is always appreciated. When Brenda is away from the office, she enjoys gardening and preserving the vegetables that she grows. Just as her clients appreciate her attention to detail, her plants do too!
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JenObsniuk CPA, CGA
jen.obsniuk@talbotcpa.ca
The Spreadsheet Queen, Jen loves to create budgets for everything. No wonder she is the treasurer of Teulon Daycare Inc. and a board member of the Balmoral Childcare Centre! Her passion doesn’t stop there, Jen’s dream is to one day own a camp for kids. Talbot & Associates is lucky to have someone like her on our team. Originally from a film studies background, Jen worked on television and movie sets in Winnipeg for a year and a half before deciding it wasn’t for her. She then began the CGA program in June of 2010 and started working with EPR Stonewall in 2011. Following the acquisition, she’s happy to be a part of a company that truly values its clients and community. When not working, you can find Jen laughing and having conversations with her husband and kids or riding her mini-bike around the trails behind their house.
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KatieGunther
Ashern Manager
katie.gunther@talbotcpa.ca
Some people say Katie Gunther looks like Molly Ringwald (in her 80’s prime), we say she was one of the best things that’s ever happened to T&A. Her love of life, determination and eagerness to learn has benefitted the firm and clients extremely well. Katie joined the Ashern office in August 2015, bringing with her over eight years experience in professional bookkeeping. Currently, she is working towards her Accounting Certificate through Athabasca University. Happiest in the outdoors, you can find her hiking, camping, helping on her parents’ cattle farm, running with her husband Curtis or building snow forts with her three sons Logan, Warrick and Gerard. Katie is a co-ordinator for the Steep Rock Swim Program as well as volunteers at many community events and teaches Sunday School at Peace Lutheran Church.
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CreeWeiss
cree.weiss@talbotcpa.ca
First things first she’s the realest. Smart, friendly, and modest, Cree believes the most rewarding things in life are the things you work for. An avid gym-goer, she also enjoys a good TV drama and many different board games. Her family’s favorite is a competitive game of Carcassonne, but she also meets regularly with another boardgame enthusiast friend to try new games. Currently hard at work with her B. Comm, she aims to pursue her CPA next and finally finish BOTW. When Cree isn’t hard at work or studying, you can find her trying new gluten-free comfort food recipes, camping, hiking, and spending quality time with her family and high energy sled dog. The person she most admires in this world is her daughter, who she adorably describes as “so little but so strong, like a bug”.
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ClaireVigier
Director of First Impressions (Stonewall)
claire.vigier@talbotcpa.ca
With her tiny home and chickens, Claire might profess to live a simple life, but she has some deep philosophies about making a difference in the world. She most admires people who go that extra mile to do something good in the world- and with her passion for baking, she’s living her own mantra. Her secret talent is being able to say the alphabet backward very quickly! After attending CUSB for nursing and taking a major in French and a minor in psychology, she came to join the Talbot and Associates Team. She has 16 years of professional baking experience at her disposal and isn’t afraid to use it! A few of Claire’s life dreams are to continue expanding their free-range flock of chickens and to one day have her own commercial kitchen to bake her heart out in.
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ArianneGautron
Director of First Impressions (Winnipeg-St. Boniface)
arianne.gautron@talbotcpa.ca
Arianne is one of those people that takes her work to heart. When visiting our St. Boniface office, you’ll either find her providing exceptional administrative support or drawn into conversation learning an interesting characteristic of the last person to walk in the door. On the homefront, Arianne loves spending time playing crazy 8’s with her two adorable kids or taking in comedy shows. Arianne cares about giving back to the community. She has a heart specifically for kids who are treated unjustly – a cause she aims to support any way she can.
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RebeccaKhun
rebecca.khun@talbotcpa.ca
Passionate about environmental stewardship, Rebecca thrives on empowering people and serving her community. She lives life with the personal mantra that strength lies in differences, not similarities, and believes in taking the time to enjoy the beauty all around us. Graduating in 2018 from Providence University College, she holds a degree in BBA (Bachelor of Business Administration). Rebecca’s two greatest loves are culinary adventures and nature. When she’s not enjoying music or cooking, she can be found hiking or just immersing herself in nature and exploring new places. Rebecca’s personal mantra is "Is there anything more perfect than a consistently imperfect unfolding of nature."
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JosefKrieger
josef.krieger@talbotcpa.ca
Eager to learn new things, Josef is a strong logical person who enjoys helping clients to understand their very individualized tax situation. When Josef is not preparing tax returns for people with all forms of income, he loves spend time with his family, camping and hiking.
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MeganIreland
megan.ireland@talbotcpa.ca
Born and raised in Stonewall, Megan is the first smile you will see when you enter our office. She loves to help people and will do whatever she can to make someone's day easier and better. In her free time, you can find Megan travelling or exploring the great outdoors with her son.
