Services
Trusts and estates carry specific reporting obligations and deadlines, and errors can delay distributions or create personal liability for the trustee or executor. We assist trustees, executors and families with the tax filings and financial administration that an estate or trust requires, in coordination with your lawyer.
What we do
- Preparation of T3 trust income tax returns and the related slips for beneficiaries.
- Terminal (final) personal income tax returns for deceased individuals, and any prior-year returns that remain outstanding.
- Estate accounting for executors, including statements of receipts, disbursements and distributions.
- Applications for a CRA clearance certificate, confirming that taxes have been settled before estate assets are distributed.
- Tax planning for family and testamentary trusts, in coordination with your legal advisor.
- Review of the tax consequences of transferring property and investments to beneficiaries.
Who this is for
Executors and trustees, families settling an estate, and individuals who have set up or are considering a trust and want its reporting handled accurately. We also assist families dealing with a CRA request related to a deceased individual's account, or who need prior-year returns filed before an estate can be closed. We provide accounting and tax services; legal advice remains with your lawyer.
What to bring
The will or trust deed, a list of assets and their values at the date of death, statements for estate and trust accounts, prior-year returns if available, and any correspondence received from the CRA. Property deeds, brokerage statements and registered account statements are also relevant if the estate includes real property or registered plans.
Getting started
Contact us with a brief description of what you need and the tax years or filing period involved. We will review your enquiry and confirm whether we can assist, the scope of work, and the information required to begin. All new engagements start with a consultation to ensure that the work is properly understood before preparation begins. There is no obligation and no charge for the initial conversation. If we proceed, we will set out the scope and the fee in writing before any work begins. We accept new clients throughout the year and are not restricted to filing season. If a deadline is approaching, please note it when you contact us and we will prioritize accordingly.
Speak with us about your accounting and tax requirements.
Tell us what you need and we will respond with the next steps and the information required to begin.