Being an estate trustee has many serious responsibilities. Some are almost inconsequential and others are quite monumental.
Estate trustees must, among other things, be accountable for their financial dealings with the estate. This includes looking after the deceased’s tax obligations.
Notify Canada Revenue Agency that the deceased has died and cancel any government pensions being received. Find and review the tax returns previously sent to Canada Revenue Agency for the last 6 years, if possible. Make sure that the most recent return for the last tax year was filed.
The previous year’s return — If the deceased died between January and April, the prior year’s return is due within six months from the date of death. If the death was between may and December the filing date is April 30th.
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As soon as possible review the deceased files to locate medical and charitable receipts for example.
Be careful to have enough money in the estate to pay any taxes owing. Before paying all of the money to the beneficiaries be sure to obtain a clearance certificate from Canada Revenue Agency. This means that Canada Revenue Agency agrees that the estate and the deceased do not owe any more tax.
Do not try to do the estate taxes yourself. Be sure to hire an accountant who is familiar with the tax code especially relating to estates.
