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Tax Returns for Deceased Taxpayers
Module 1 - Introduction and General Overview of Important Concepts
Overview of the course and the curriculum we will be covering (4:23)
Evergreen nature of this course and course questions (5:06)
Administration - Course Payments, Refund policy, certificates of completion (6:25)
DOWNLOAD - Course Notes & PowerPoint Presentation
What happens with someone's taxes when they pass away? (5:03)
Overview of the process for those in the role of executor (5:42)
What is probate and does a will need to be probated? (4:49)
Overview of the filing process for tax preparers (4:10)
Module 2 - First Steps In The Process of Preparing Terminal T1 Returns
The important dates and tax periods to be aware of for deceased taxpayers (3:23)
What type of time frame can I expect to have executor clear estate (5:05)
The different tax returns that can be filed for a deceased individual by the executor (4:12)
Other optional returns for business/partnership income and income from Graduated Rate Estates (GRE) (4:26)
The deadlines for filing T1 returns for deceased (3:40)
Additional T1 deadlines that are often overlooked, missed or not considered (3:09)
Estate returns and what you need to know (5:07)
The deadlines for filing estate tax returns (2:23)
The penalties for late filing of trust returns (3:08)
Using Auto Fill My Return system to help with returns and easier authorization process (4:02)
Module 3 - Tax Rules on Death of a Taxpayer
The Rights & Things return as an optional return (5:04)
An example of a rights & things case and what to report (4:04)
Amounts paid directly to beneficiaries instead of estate (2:10)
Are instalments necessary after the date of death? (3:23)
Claiming tax credits in the year of death on the Terminal T1 (5:02)
Example of tax credits in year of death - not pro-rated (1:45)
Medical expense rules in the year of death (4:37)
Rules for donations made by the deceased and by their estate (5:26)
Accruing income in the year of death and on terminal return (3:53)
Pension splitting with spouse in year of death (3:40)
What happens to capital losses and carry-forwards in the year of death? (4:16)
What happens if there are capital losses in the estate? (3:40)
Alternative minimum tax (AMT) and the year of death (1:54)
Dealing with T-slips in the year of death on final return and trust return (4:14)
Another scenario on dealing with T-slips on the final return (3:08)
Module 4 - Capital Property & Deemed Disposition Rules
The general deemed disposition rules (3:02)
Example of deemed dispositions and how to report (3:45)
Transfers to spouse and spousal rollovers (3:25)
Where might a surviving spouse elect to transfer at FMV? (4:34)
Deemed disposition of depreciable property (5:30)
The rules related to land inventory in the year of death (0:54)
The treatment of stock options and what to do in year of death (2:17)
The issues with getting an accurate ACB of various assets (5:58)
Claiming the correct and optimal property as the principal residence (3:32)
An example of the principal residence decision making process (4:45)
Issues to examine with principal residence claims (4:17)
Disclosing the deemed disposition of the principal residence (5:43)
Module 5 - Deferred Income Plans - RRSP, TFSA & Pensions
RRSP contributions made in the year of death (2:24)
The tax treatment of RRSP accounts in the year of death (4:07)
Roll over of RRSP accounts to surviving spouse and others (2:50)
The documents and slips you will see on transfer to spouse's RRSP account (5:21)
What if the value of the RRSP goes down after DOD when it's cashed out? (5:26)
What happens to RRIF accounts at date of death? (2:06)
Practical guidance - Different RRIF amounts and making sure you have all slips (3:46)
The slips you will see on the transfer of RRIF accounts to a spouse (3:29)
Some additional comments on RRIF amounts (1:52)
What happens to Home Buyers Plan outstanding amounts on death (4:00)
What happens to TFSA accounts on or after death (4:08)
Best practices on preparing estate returns & using useful reports (5:33)
An example of a deceased's asset listing used for probate and its usefulness (4:01)
Module 6 - Estate Tax Returns - The T3 Trust & Information Return
Overview of the conceptual framework of the trust reporting system (3:55)
Introduction to the T3 Trust & Information Return (3:23)
The basics of the T3 trust return and the information you will need (5:56)
A look at the T3 return and the relevant or common schedules & forms (5:47)
What you need to know about tax and trusts (5:11)
Understanding the rules for Graduated Rate Estates (GRE's) for deceased estates (3:33)
The rules related to the CPP death benefit and how to report the income (2:26)
Working with the executor to determine the estate's accounting and income (4:38)
Dealing with T-slips you may get from institutions that don't match year end (3:17)
Example of how to deal with T-slips on an estate return (5:31)
Where to get the information to complete the T3 Trust return and typical income (5:03)
An example of the type of income and information you'll have for the T3 return (5:33)
Sample of filling out the T3 Trust & Information return with the example income (5:22)
Necessary reporting for executor fees (5:04)
Preparing an ACB report for beneficiaries on share transfer (3:18)
Giving beneficiaries information they'll require for future taxes (2:41)
Helping the executor with distributions to beneficiaries (5:55)
Using a holdback as part of distribution planning to beneficiaries (7:09)
Module 7 - Clearance Certificates & Dealing with the CRA
What is a clearance certificate? (2:47)
Does every Executor need to apply for a clearance certificate? (6:04)
Filling out the TX19 Request for Clearance Certificate (4:11)
The documents and information you should submit with the TX19 request (8:18)
An example the final clearance certificate (1:56)
How long does it take to get a clearance certificate? (3:10)
Can you file tax return early for deceased who passed away early? (3:54)
It's ok and preferable to give CRA the same paperwork over and over (2:39)
Requesting taxpayer relief on late filed returns and other penalties (3:36)
Module 8 - Conclusion & Resources
A good CCH resource for preparing trust returns (2:11)
Some other good reference publications from the CCH (3:18)
Tips on building your practice with terminal returns and estates (4:30)
Thank you and my email contact information for questions - testimonials etc (1:11)
Other optional returns for business/partnership income and income from Graduated Rate Estates (GRE)
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