Estate & Trust Tax Preparation

As Canada does not have specific death taxes or inheritance taxes levied against beneficiaries inheriting an estate, but have tax consequences against Non-registered assets as the taxpayer deemed to have disposed of all his property (stocks, bonds, mutual funds & real estate immediately before death at fair market value which might results in capital gain half of which is taxable to the deceased, to avoid this disposition is to transfer the property to the deceased spouse or partner without triggering tax liability. For Registered plans tax rules require fair market value of RRSP or RRIF at the date of death to be included on the deceased terminal tax return with tax payable at the marginal tax rate for the year of death. If the death occurred between January 1st and October 31st, you have until April 30th of the following year. If it was between November 1st and December 31st, they are due six months after the date of death. Tax returns for the deceased person for previous years that the deceased has not filed, they are due six months after death. At Economical tax we file Income tax returns that an executor must file insuring maximization of  executor tax savings & estate value.