To be assisted in filing the income tax returns of a deceased person
If you are mourning the loss of a loved one, you probably feel exhausted yet are facing a long list of specific administrative duties and tax obligations.
We can provide you with assistance to:
- prepare the income tax returns of the deceased person;
- prepare the income tax returns of the succession;
- apply for a clearance certificate and a notice before distribution of property;
- implement post-mortem tax strategies to reduce the income tax bill;
- implement tax strategies to avoid double taxation resulting from inadequate tax rules when the deceased person was a shareholder of private corporations.
The income tax returns of a deceased person relate to the person’s income prior to death (and deemed disposed of upon death), whereas the income tax returns of a succession relate to the income generated by the property and assets of the deceased after death up until the moment said property and assets are distributed to the heirs.
For example, if the deceased person owned rental property or interest-bearing investments, the generated income will be taxable for as long as said property or investments have not been distributed.
There are particularities and complexities when it comes to income taxes payable at death and it is generally advisable to have the income tax returns of a deceased person prepared and filed by an experienced tax expert.
If you are a liquidator, you have a great responsibility toward the heirs.
Can amounts be distributed to the heirs before receiving the governments’ notices of assessment?
That is one of many questions that a tax expert can help you answer.
Gain peace of mind by proceeding fairly and equitably with regard to each and every heir.
Our tax experts can advise you on how to best proceed with each step so as to avoid future problems.
To plan a tax strategy prior to your death in the optic of facilitating the management of your patrimony and minimizing the income tax bill
For information and advice on what you can do during your lifetime to:
- reduce the tax burden on your loved ones at the time of your death;
- facilitate the management of your patrimony for your loved ones;
- minimize the income tax bill at the time of your death;
- plan how the income taxes payable on your assets will be paid after your death.
Estate planning carried out in collaboration with one of our tax experts will help you cover all of these issues.
Specifically, the following actions among others can be taken:
- a share transfer;
- the transfer of your real-estate portfolio in favour of a company;
- the distribution of property during your lifetime;
- the purchase of a life insurance policy;
- communications and coordination with the notary (will) and financial planner (retirement management).
To implement a tax strategy so as to minimize the tax impacts of a death and get advice from experienced tax experts, feel free to contact us for further informations.
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