As the Executor, you are responsible to:
• Settle the estate according to the wishes of the deceased
• Manage the settlement to provide maximum benefits to the beneficiaries
• Most importantly – Avoid the personal liabilities for underpayment of taxes owed and the sigificant penalties that can be assigned due to late or incomplete filings. It is imperative to contact your Tax Accountants to ensure you understand what needs to be filed and the filing deadlines
Role of the Executor
• The responsibilities are quite broad and the skills required cross multiple disciplines, resulting in the demands for a great deal of time, energy and attention to detail
• The many tasks (more than 50) to be completed can seem more than overwhelming when one is also grieving the loss of a family member or friend
Where do I Start?
• The first order of business is to understand the full scope of what is required to fulfill the role of executor. Click here to review our Executor’s Checklist
• At your option, as the Executor, you can appoint professionals and agents to help you with some or all of the tasks. Take advantage of their skills, experience and expertise to assist the process during this difficult time
• We know we are being repetitive BUT: Most importantly – Avoid the personal liabilities for underpayment of taxes owed and the sigificant penalties that can be assigned due to late filings. It is imperative to contact your Tax Accountants to ensure you understand what needs to be filed and the filing deadlines
AG Tax LLP Can Help
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.
