Chaudhry Nafees & Company (CNC) will work with you in order to ensure that you and your family have an effective transition of your business and wealth, as well as a peace of mind of the assets that are being passed on to the next generation. After discussing these matters with your family, CNC will aim to fulfill your needs by creating an effective tax plan that will protect you and your assets and ensure minimize probate costs and fees.
Preparing yourself and your family to plan for your estate can be a daunting task. This is a very important issue for you and your family. At CNC our qualified staff has years of experience and have worked with several families, step-by-step, through the process of establishing an effective estate plan and ensuring that you are comfortable knowing your loved ones will be taken care of.
Losing a loved one is very difficult for any family, we understand this, let us help. On the final return, report all of the deceased’s income from January 1 of the year of death, up to and including the date of death. Report income earned after the date of death on a T3 Trust Income Tax Return. In addition to the final return, you may be able to file up to three optional returns for the year of death. Information about the deceased’s income sources will help you determine if you can file any of these optional returns. You do not report the same income on both the final and an optional return but you can claim certain credits and deductions on more than one return.
Although you do not have to file any of the optional returns, there may be a tax advantage if you file one or more of them in addition to the final return. You may be able to reduce or eliminate tax that you would otherwise have to pay for the deceased. Chaudhry Nafees & Company (CNC) Chartered Professional Accountant in Coquitlam will help you to file a final trust tax return for the deceased person.
Optional returns are returns on which you report some of the income that you would otherwise report on the final return. By filing one or more optional returns, you may reduce or eliminate tax for the deceased. This is possible because you can claim certain amounts more than once, split them between returns, or claim them against specific kinds of income. Chaudhry Nafees & Company (CNC) Chartered Professional Accountant in Coquitlam, can help you to determine if it is advisable to file optional tax returns for the deceased person.