http:///www.executortaxsolutions.com
taxes@executortaxsolutions.com or 416-626-2727
Hello, this is Ralph from executortaxsolutions.com. We are a public accounting firm that specializes in assisting executors to ensure all tax returns for an estate are completed and tax is minimized.
One of the most common questions we get is regarding what type of returns need to be filed when someone passes away.
The type of returns that are required will depend on the complexity of the estate. There are numerous returns that may need to be filed including the following:
1. A final or terminal return is always required
2. Optional returns may be required
3. Trust or estate returns will normally be required
There are special rules as to how to allocate income and deductions for each return and there are many tax saving opportunities available which we have expertise in.
Another question people ask is what is a deemed disposition?
When a person dies it is normally considered that the person has disposed of all capital property right before death. This is called a deemed disposition.
A deemed disposition on assets takes place on the date of death. These assets can include shares, rental properties, RRSP and RRIF accounts.
Another question people ask is “What is an estate or trust return?”
An Estate or Trust Return are prepared annually for income generated by the Estate for the period after the date of the death of the deceased tax payer until all the assets of the estate are distributed. This may include interest and dividends from investments held by the estate.
Filing the final or terminal returns and trust or estate returns can be very complicated as every situation is different. There are many tax-saving opportunities that are available. We will review your situation and minimize the taxes of the estate as much as possible. Please phone us at 416-626-2727 or email us at info@executortaxsolutions.com and one of our professionals would be happy to meet with you.
