Learn about the basics of what an are.
If you are reading this as a result of the recent passing of a loved one, let us express our sincerest condolences to you. We can take some of the burden off your family by answering your questions and handling the financial paperwork during this difficult time so that you can focus on the more meaningful issues at hand. Offered services include the following:
Estate and succession planning for future with the goal to minimize taxes within legalities
Discussion with executor or administrator of the situation, and plan and utilize strategies to achieve the financial goals set
Where trust is formed, transaction bookkeeping and accounting as needed
Tax compliance
Compliance with Canadian laws with respect to distributions to Canadian and foreign beneficiaries
Preparation of formal estate accounts for Passing of Accounts in court
For information on tax for estates and trusts, please click here.
An estate is the collection of all property and assets owned by a person, often at death, which are set to be distributed according to a legal document, typically the person’s will. A trust is formed when these property and assets are transferred to a third party (trustee) for the purpose of distributing them to the beneficiary(ies). For example: An investor passes away, leaving a portfolio of stocks and bonds behind. The testamentary trust is formed upon his death, and title to the portfolio is transferred to the trustee who will administer the portfolio for the benefit of the deceased’s children. A common question that arises is who gets taxed on the investment income earned after death – the deceased, the trust, the trustee, or the beneficiary(ies). Sometimes there is no estate when a person passes away, and sometimes there is no trust. These things can get tricky sometimes. There are also many types of inter-vivos trusts which are established during one’s lifetime.
