Death of a Taxpayer 2024 – AC Recorded Webinar

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. 

The webinar will also cover the proposed changes to the capital gains inclusion rate as it impacts deceased taxpayers and their estates, as well as proposed changes to the election concerning losses of the estate under ss. 164(6). 

This webinar 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 and/or the changes that will apply to 2024 returns.

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. 

TOPICS:

CRA Administrative Issues

• Establishing the legal representative
• Becoming an authorized representative for the taxpayer or trust
• Accessing CRA information online
• Obtaining a Trust number
• Clearance certificates

Tax issues arising at death

• Deemed dispositions of property
• Impact of proposed changes to the capital gains inclusion rate
• 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
• Filing Requirements 
• Electronic Filing of the T3
• Foreign Assets
• Residence of the Trust
• Allowable Expenses
• Capital Dispositions
• Capital Losses
• Proposed changes to enhance ss.164(6) carrybacks
• Personal Use Property
• Principal Residence Exemption
• Donations
• Payments to Non-Residents

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. 

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 publications Preparing Your Income Tax Returns, Preparing Your Trust Returns, Preparing Your Corporate Tax Returns and Preparing Your Partnership Returns and a frequent contributor to the Wolters Kluwer Canada publication Tax Topics.