Death of a Taxpayer – Three Part Series (Recorded Webinar)

Format: Recorded Webinar
Product ID: 000000000010096677
One of our most popular seminars from 2020 is back in a new format with updated material, including a discussion of the new electronic filing for T3 returns starting in 2022.

Start date: January 1, 2022 - End date: December 31, 2022

In this virtual seminar, we will discuss various tax issues that arise upon the death of a taxpayer and provide guidance on the preparation of the final T1 return as well as optional returns. We’ll also look at when an estate return is required and explore various issues relating to preparing the tax return for the estate of a deceased taxpayer.

This session 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 online seminar will be presented using the Personal Taxprep and Taxprep for Trusts software programs in order to illustrate the forms and calculations involved. As iFirm Taxprep and iFirm Cantax use the same calculations as the Taxprep programs these screens will be equally relevant to iFirm Tax users. Information will also be provided to assist attendees that will be preparing these returns in Cantax T1 and Cantax FormMaster. 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 two sessions will include plenty of time for questions and each webinar will include a break midway through to make the experience as comfortable as possible.

Topics include:

CRA Administrative Issues

  • Establishing the legal representative
  • Becoming an authorized representative
  • CRA correspondence
  • Instalments
  • Obtaining a Trust number
  • Clearance certificates

Tax issues arising at death

  • Probate fees
  • 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
  • Accessing information for deceased taxpayers
  • 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
  • Foreign Assets
  • Residence of the Trust
  • Allowable Expenses
  • Capital Dispositions
  • Capital Losses
  • Personal Use Property
  • Principal Residence Exemption
  • Donations
  • T3 Return and Forms

Target Audience:

This webinar will be of most interest to tax practitioners, lawyers and accountants (practicing independently or in small to medium sized firms) but may also be useful to financial planners working in financial institutions or wealth management firms, and other service professionals who want to take their practice to another level.

Professional Development Credits:

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. 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.

This Webinar/Virtual Seminar Includes:

Print version of the presentation slides
 Attendees will be able to download a comprehensive companion workbook in addition to the slide deck.
Professional Development certificate for 7 hours

More Information
Contributors Maureen Vance
Format Recorded Webinar
Library Tax
Subject Area Death & Taxpayer
Maureen Vance

Maureen obtained her CA with Peat Marwick Mitchell (a predecessor of KPMG) and joined Taxprep (now part of WoltersKluwer) in 1985. As one of the original Taxprep employees, Maureen has been involved with all aspects of Taxprep development and support, including acting as product manager on both Corporate Taxprep and Personal Taxprep. She completed the CICA In-depth tax course in 1991 and since 2002, she has been a consultant to WoltersKluwer on tax and compliance issues. Maureen researches and writes material for training and program documentation and presents seminars and webinars 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 as well as a frequent contributor to the Wolters Kluwer Canada publication Tax Topics.