FAQ
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Frequently Asked Questions
Answers to Your Tax & *Financial Questions
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No, but the deceased person’s estate may be subject to significant taxes and fees before the assets are distributed, while the estate pays all applicable income taxes and probate fees and receive a “Clearance Certificate” is issued by the FAETA before the asset is distributed or it would trigger permanent Forfeiture of the estate.
On death of the deceased's person, the Canada Federal Authority on Estate Taxes and Administration - (FAETA) treats the estate like you sell everything you own on the date of your passing to a beneficiary of the estate. This ‘deemed disposition’ will trigger all of your accrued capital gains, and subject the balance in your RRSP/RRIF to income tax.
The value of a Tax-Free Savings Account (TFSA) at the date of death is generally tax-free. However, any growth or income earned in the account after the date of death is taxable unless a “Successor Holder” (spouse) is named as the beneficiary.
The terminal return is the final income tax return filed for a deceased person. It covers the period from January 1 of the year of death up to the actual date of death, including all deemed dispositions.
Far far away, behind the word mountains, far from the countries Vokalia and Consonantia, there live the blind texts. Separated they live in Bookmarksgrove right at the coast
Far far away, behind the word mountains, far from the countries Vokalia and Consonantia, there live the blind texts. Separated they live in Bookmarksgrove right at the coast
The length of estate administration depends on the size and complexity of the estate. Factors such as asset valuation, tax filings, probate procedures, and the issuance of required clearance certificates may affect the timeline. Our team assists clients throughout the process to help ensure all requirements are completed efficiently.
Common documents include the death certificate, will (if applicable), probate documents, identification of beneficiaries, financial statements, property records, investment information, and any outstanding tax records. Additional documentation may be requested depending on the nature of the estate.
In certain situations, payment arrangements may be available depending on the estate's circumstances and applicable regulations. Clients are encouraged to contact our office as early as possible to discuss available payment options and avoid unnecessary penalties or interest.
Estates with international assets may be subject to additional reporting requirements and tax obligations in more than one jurisdiction. Our professionals can provide guidance on the documentation and compliance requirements applicable to foreign assets.
You can contact our office by phone, email, or by completing the consultation request form on our website. Our team will review your inquiry and provide guidance based on your individual circumstances.
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