The TST offers tax services and help to businesses in Toronto, Ontario, Canada. Tax Services Toronto 2015

Our professionals specialize in ensuring all your deductions are utilised so you pay the minimum tax allowable. Whether your information is current or in arrears we can help. 

 

 
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Tax Returns: Estate Returns

There are various circumstances in which an estate return is required. In many cases an estate return is required when someone dies. If in doubt contact us to discuss your situation.

When someone passes away, there may be several tax returns that need to be filed depending on the complexity of the estate. These can include the following: final returns, estate and trust returns.

The final return reports income from the beginning of the year up to the date of death of the deceased tax payer. Also, there is a deemed disposition on assets on the date of death. These assets can include shares, rental properties, RRSP and RRIF accounts. As a result, the taxes may be significant on the date of death. The executor(s) and/or trustee(s) should budget for the taxes payable before distributing to the beneficiaries.

The Estate and Trust Returns are prepared for income generated by the Estate for the period after the date of the death of the deceased tax payer. This may include interest and dividends from investments held by the estate, and the Death Benefit.

There are also several optional returns that can be filed to further minimize taxes. These optional returns are broken into three categories:

  • Return for rights or things
  • Return for a partner or proprietor
  • Return for income from a testamentary trust

It is important that your accountant has the expertise and experience to ensure you save the most amount of money and pay minimal taxes. Our team of professionals have extensive experience in these matters and will ensure that taxes are minimized.

 
Tax Services Toronto
555 Burnhamthorpe Road, Suite 406
Toronto, ON
M9C 2Y3
Phone: 416.626.2727
Fax: 416.621.7136
E-mail us: taxes@garybooth.com
Web: taxservicestoronto.com
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Tax Services Toronto | Tax Returns: Estate Returns | There are various circumstances in which an estate return is required. In many cases an estate return is required when someone dies. If in doubt contact us to discuss your situation.