Death of a Taxpayer 2022 - RW Avail Dec 2022

OVERVIEW

This seminar is ideal for anyone new to preparing deceased returns as well as more experienced preparers that want to better understand some of the tax and compliance issues they may encounter.

DETAILS

Join Maureen Vance CPA, CA for a comprehensive and practical discussion of the various tax and compliance issues that arise upon the death of a taxpayer. This webinar will cover not only the preparation of the final T1 return and optional returns, but also the preparation of the T3 return for the estate, if applicable, including electronic filing of the T3.

In the webinar, we will focus on practical considerations when preparing these returns and we’ll share tips for dealing with some of the complications you may encounter.

Portions of the webinar may be presented using Taxprep software, in order to illustrate the forms and calculations involved. However, as tax rules and the filing requirements are the same for all preparers, the content will also be relevant to tax preparers using other software programs.

The webinars will include plenty of time for questions and each webinar will include a break midway through to make the experience as comfortable as possible.

Attendees will be able to download a companion workbook in addition to the slide deck.

TOPICS:

CRA Administrative Issues

·       Establishing the legal representative

·       Becoming an authorized representative for the taxpayer or trust

·       Obtaining a Trust number

·       Clearance certificates

Tax issues arising at death

·       Deemed dispositions of property

·       Capital losses

·       Spousal rollovers

·       Rollover of farm property

·       Principal residence exemption

·       Tax treatment of registered plans, including rollovers

Preparing T1 returns for deceased taxpayers

·       Filing deadlines and early-filed returns

·       Electronic filing

·       Identifying income to reported in the final return vs the estate return

·       Pension Income Splitting

·       Medical expenses

·       Donations

·       Filing optional returns

Preparing estate returns

·       Estate as a Trust

·       Graduated Rate Estates

·       Tax Year of the Trust

·       When T3 Return Required

·       Filing Requirements

·       Electronic Filing of the T3

·       Foreign Assets

·       Residence of the Trust

·       Allowable Expenses

·       Capital Dispositions

·       Capital Losses

·       Personal Use Property

·       Principal Residence Exemption

·       Donations

LEARNING OBJECTIVES:

• Be aware of the different tax rules that can apply to the final T1 return.

• Understand when filing an optional return could be beneficial

• Learn when a T3 return could be required and the filing requirements for it

• Become familiar with common misconceptions about the T3 return

MINIMUM REQUIREMENTS:

You will require an Internet connection and a phone/voice connection at the same time. Most attendees use their computer for the audio. Participants are able to submit questions and comments during the session via a Q&A text panel. Terms, conditions, pricing and services subject to change.

TARGET AUDIENCE:

This webinar will be of most interest to accountants and lawyers involved in preparing T1 and T3 returns for deceased taxpayers.

PROFESSIONAL DEVELOPMENT CREDITS (CPE HOURS):

Wolters Kluwer professional development programs are designed to meet the continuing education requirements of a variety of professional associations. These requirements do vary by association and region. Please consult your provincial association to ensure this webinar meets the continuing professional development standards for your specific situation.

Registrations for each Live Webinar are available until the start of each program. We reserve the right to substitute speakers in the case of instructor illness. In the event that we must cancel a Live Webinar, all registrants will be notified immediately and given the opportunity to either transfer their registration to another Live Webinar or a Recorded Webinar or obtain a refund. For all Live Webinars that are recorded, participants will have access to the recording for 30 days following the Live Webinar. Partial credit will not be awarded for attendees that are not present for the entirety of the Live Webinar. Credit will not be awarded if an attendee does not answer all of the polling questions (where applicable). Additional credit will not be awarded due to the instructor presenting over the allotted time.

CANCELLATION POLICY:

Due to the costs involved with planning Web sessions, cancellations must be confirmed in writing at least one (1) business day before the beginning of the Web session. If we receive your cancellation notice within the above-mentioned period, you will receive a full refund. No refund will be issued for notices received after the cancellation period.

THIS WEBINAR INCLUDES:

• 30-days to review the webinar recording

• Print version of the presentation slides

• Companion Workbook

• PD Certificates for each day – Part 1: 3.5 hours; Part 2: 3.5 hours for a total of 7 hours

PRESENTER:

This webinar is being presented by:

Maureen Vance, CPA, CA

Maureen obtained her CA with Peat Marwick Mitchell (a predecessor of KPMG) and joined Taxprep (now a part of Wolters Kluwer) in 1985. She completed the CICA in-depth tax course in 1991, and since 2002 has been a consultant to Wolters Kluwer on tax and compliance issues.

 Maureen researches and writes material on tax planning and compliance and presents seminars and webinars on various tax and software topics to accounting firms across Canada. She is a member of the CRA-CPA Canada Technology Working Group, a contributor to the CPA Canada Tax Risk Management Guide, a contributing author for the Wolters Kluwer publication Preparing Your Partnership Returns, and a frequent contributor to the Wolters Kluwer Canada publication Tax Topics.