The executor or administrator is the legal representative of a deceased person and is responsible for settling their affairs.
The duties of the legal representative include making funeral arrangements, searching for and safeguarding assets, valuing assets for probate, settling any debts and taxes owing and distributing the assets of the deceased.
The income tax responsibilities of the legal representative include:
- File the final tax return of the deceased,
- File any outstanding prior tax returns,
- Pay any taxes owing, and
- Advise the beneficiaries of any amounts they receive that may be taxable.
The legal representative could be held liable for any amount the deceased owes if any distributions were made before the taxes were paid.
Our Tax Services
We can help reduce the administrative burden and help save tax dollars by:
- Calculating the tax liability and capital gains,
- Filing all required tax returns,
- Taking full advantage of all tax planning opportunities, and
- Obtain a Clearance Certificate.
We can also help with many of the administrative matters of the estate including:
- Advice on estate administration,
- Business management assistance,
- Applications for benefits,
- Cancel services, and
- Search the estate for recoverable funds.