Oh, this is Chris from Deceased Tax Returns. I will be talking about filing taxes for a deceased person in Canada. This includes a final return, optional returns, and a trust return. When a person dies, their legal representative or executor is required to file a final return on the deceased person's behalf. Depending on the situation, additional returns may also have to be filed. I'll first talk about the final return. The final return will include all income received by the deceased person up to the date of death, which may include employment income, pension, and investment income. If there is a surviving spouse, then a spousal rollover of RRSP and RIF accounts could occur. If there are shares, investment properties, or a cottage, they could be rolled over to the spouse at the adjusted cost base in order to avoid a deemed disposition. This is a tricky area, and professional advice is recommended. However, if there is no surviving spouse, then a deemed disposition could occur for any shares, properties, and RSP or RIF accounts held. In this case, there would be significant tax consequences. The final return is due either April 30th of the following year the death occurs or six months after the date of death. Next are the optional returns. Depending on the circumstances of the deceased person, thousands of dollars could be saved by filing optional returns. Once again, this is a complex area, and professional advice is recommended. Lastly, I will talk about the trust return. For income that is earned after the date of death, a trust return is required. For example, if a taxpayer passed away on March 20th but the estate was not distributed until February of the following year, then income such as interest, dividends, and capital gains earned from investments up...
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Can you electronically file a return for a Deceased Taxpayer Form: What You Should Know
Form 4549, Release of Claim to Spouse's Estate — IRS When filing a Form 4549, the legal heirs must pay the estate tax to the IRS, so it is necessary to know the exact amount of tax owed. Canceling a Deceased's Form W-2 May 11, 2024 — If you had filed an incorrect W-2 form, you can notify the IRS to cancel the W-2 tax from the deceased's account (this will cancel one copy for the IRS, one copy for the beneficiary, and a copy is saved). A Deceased's Taxes (W-2 or 1099) for Taxes Refunded May 11, 2024 — If the deceased filed a refund due to taxes paid or refunds in kind, the taxes are credited against any taxes owed (this is most often when there are multiple returns and multiple W-2s) A Deceased's Accounts for Taxes owed and Taxes not paid May 11, 2024 — If the deceased filed a return (and not an extension request) or an extension request, the deceased is responsible for determining the correct accounts due the IRS, which will result in the correct amounts being credited against the taxes owed. A Deceased's Financial Assets May 11, 2024 — If the deceased did not file a separate return or file a return using a different source, and/or there are more than one financial account to be credited against the tax, the deceased will receive credit for the tax owed against the account(s) credited and the balance due will not be deducted. The only way a deceased can be credited for a debt on their taxes is by filing an extension. A Deceased's Credit for Tax Paid from their Estate May 12, 2024 — If a decedent has paid all or part of the federal estate tax on its estate, they will no longer receive credit. A Deceased's Property to be Treated as Excluded Property May 12, 2024 — If a decedent has excluded property from its estate, a credit not due will be taken, but the amount paid or excluded property will not be refunded. A Deceased's Mortgage Interest and Property (Credit) May 12, 2024 — If a decedent made a loan on property that is no longer held out on title, a credit is not due but must be paid when it is re-established on title.
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