When Someone Dies

Effective estate planning facilitates the orderly transfer of assets to your beneficiaries, provides security for your surviving beneficiaries, and can reduce or eliminate the tax due on the transfer of your business and other assets. For business owners, providing the business continuity and succession of ownership is essential. we can guide you through the complex process of getting your financial affairs in order.

Estate Preparation

Copies of the will, death certificate, and summary of assets will need to be obtained

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Terminal and Optional Tax Returns

A final or terminal tax return and possible optional return will need to be filed for the year of passing

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Estate Tax Return

A T3 Estate tax return may need to be prepared depending on the details of the estate

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Clearance Certificate

The last step in closing an estate is obtaining the clearance certificate

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FAQ


Generally, you need to keep records for seven years, but could be different for various types of records. Here is the CRA website for more details.
Monday – Friday 8:30am to 4:30pm

Tax Season Hours (March and April):
Monday 8:30am to 4:30pm
Tuesday 8:30am to 4:30pm
Wednesday 8:30am to 4:30pm
Thursday 8:30am to 7:00pm
Friday 8:30am to 4:30pm

Once you have filed your business or personal taxes, CRA will send a notice of assessment to acknowledge that your return has been received and processed. The notice shows the date CRA assessed your return and whether you have a refund, an amount owing, or a zero balance. Please keep this for your records as financial institutions will often ask for this document when you are seeking a loan or mortgage.
You can sign up for My Account on the CRA website which allows you to track your refund, view or change your return, check your benefit and credit payments, view your RRSP limit, set up direct deposit, receive online mail, and so much more.

Alternatively, if you have signed a T1013 authorization with us, we can access a copy for you.

  • Backup of Accounting Software
  • Copies of all Capital Purchase Invoices
  • Bank Statement for the last month in the fiscal year
  • Credit Card statements for the last month in the fiscal year
  • Inventory Listing
  • Listing of Accounts Receivable and bad debts
  • Listing of Accounts Payable
  • Details of all Bank loans including year end Balance
  • Articles of Incorporation
  • Changes to shareholders or directors during the year
April 30. If this date falls on a Saturday or Sunday, the deadline moves the next business day. If you a primarily self-employed sole proprietor the deadline is June 15.
Generally speaking, once you make $30,000 in a calendar year you need to register for HST. However please click here for more in depth information as there are many rules surrounding HST.
Final tax returns and estate taxes can range from somewhat simple to very complex depending on the financial contents of an estate. Typically a final tax return is prepared and is due on the later date of April 30 and six months past the date of death if the date of death is past October 31. We will review the contents of the estate with you and consult with your legal representatives and financial advisors to determine any additional returns that need to be prepared.

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