Following the death of a taxpayer, the filing of a number of different Canadian tax returns  may be required, including:

• Tax returns for years prior to the year of death

• T1 Final

• A Rights or Things Return

Items which can be included in a Rights or Things return may include:

• Matured but unclipped bond coupons

• Bonuses declared, but paid after date of death

• Unpaid wages, commission, and vacation accrued at the time of death

It may beneficial to file selected optional returns with a view to realizing potential benefits that can substantially reduce the tax burden. The options and impacts need to be assessed.

Estate Planning, well in advance of a death in your family, goes a very long way in providing the peace of mind that comes from knowing that the key tax issues, questions and decisions have already been made.

 

AG Tax LLP Can Help

As implied earlier, for Canadians, there are withholding tax, capital gains and estate tax ramifications related to owning, renting and selling US properties. Handling any of the critical issues  incorrectly may result in significant tax problems. The remedy is effective planning and we can help you with that!

If you have any tax-related queries or need assistance with tax planning or filing please contact AG Tax. Our tax professionals are highly-experienced with US and Canadian tax laws and can provide you the right guidance to handle your tax situation.

Aylett Grant Tax LLP is a full service accounting firm with a dedicated team of experts, who are highly-qualified and experienced in handling situations related to US, Canadian, and other international tax laws. We can assist with:

  • Canadian Personal and Corporate tax returns
  • Cross Border Taxation and Business Planning
  • US Personal and Corporate Taxation
  • Disclosure of Foreign Assets and other information filings
  • Retirement planning
  • Estate Planning, Inheritance tax advice

To obtain a quote or to arrange for a consultation to discuss your tax related queries, please contact us at:

  • 416-238-5920 (Greater Toronto Area, ON)
  • 604-538-8735 (Greater Vancouver Area, BC)
  • 780-702-2732 (Greater Edmonton Area, AB)

 

Disclaimer: The information in this publication is accurate as of the time of its publication. AG Tax assumes no responsibility for changes to tax legislation subsequent to the publication of this document. The information provided is for general information purposes only and should not be acted upon without seeking professional advice. If you would like to engage our services, please contact our staff and obtain authorization to send our firm confidential information. A client relationship is not created by the transmission of information. A client relationship is only formed with our firm when a scope and engagement letter signed by the firm and the potential client detailing the terms of engagement is present.