RIP - Terminal Filing

Overview:

The last tax return(s) for a deceased individual carry significant implications for the executor and the inheritors under the will. To alleviate potential misunderstandings, this course provides a detailed technical review of the numerous issues (and consequences associated with various types of property and property ownership interests of a decedent taxpayer) faced when preparing terminal or year-of-death filings. 

Specifically, the course emphasizes the preparation of the possible returns and related planning for separate terminal return filings. You will receive a review of relevant tax issues, engagement management, updated sources of tax research, and an overview of CRA assessing practices. To infuse the course with practical relevance, you will prepare and discuss real-life case studies pertaining to terminal return filings. 

Additionally, recent legislative amendments and proposed legislative amendments (e.g., CG inclusion rate(s); LCGE amount; GAAR; s. 164(6) post-mortem capital loss carryback planning; s. 84.1 and inter-generational business succession) impacting terminal filings will be reviewed. 

Course Content:

In this course, you will gain knowledge about the following topics:

• Engagement management
• Tax filings upon death
• Identification and understanding of detailed compliance issues
• Compliance related to RRSPs and deferred income plan rules
• General compliance relating to terminal filings
• Identification of GST/HST matters
• Clearance certificates 

Learning Objectives:

Upon completing this course, you should be able to:

• Establish a plan for approaching terminal filing assignments 
• Identify and effectively utilize the different types of tax returns that may be filed for a deceased individual 
• Identify and address significant issues relating to year-of-death filings 

Who Will Benefit: 

While all professionals will benefit from this course, it is useful for practitioners who complete individual terminal tax filings and have an interest in understanding related planning strategies.