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Estate Tax Planning

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Estate and Trust Income Tax Return

CPA firm in Coquitlam offers estate and trust income tax return services at very reasonable rates. 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.

Services

  • Estate and trust income tax return
  • Estate income tax return of deceased person (T3)
  • For income splitting prepare T5 and T3 (family trust)
  • Accounting and bookkeeping for trust
  • Amend and adjust previous years’ taxes
  • CRA audit representation

FINAL RETURN OF DECEASED PERSON

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 Estate 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. CNC Chartered Professional Accountant in Coquitlam will help you to file a final estate and trust income tax return for the deceased person.

OPTIONAL RETURN

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.

What Our Clients Are Saying About Us

"Nafees and his professional team have provided me with a broad range of services to help manage my small business for the last ten years including recent support through the sale of the business to new owners. I found the quality of his services to have been excellent and it was always reassuring to have Nafees' providing advice and guidance, virtually as a partner with me, as the business grew. I continue to use his services for my personal financial matters."
Glenn Quarrington
Owner (Ex VP of BestBuy)
"Nafees is an accountant that looks at business with a holistic perspective. Over 7 years ago, I began working with Nafees on personal taxes. He has since provided a great deal of service to me by assisting me with analysis and feedback with the areas of business I run. Nafees has earned Certified Management Accountant (CMA) to add to his many other designations such as CPA, CGA & ACFP. However, Nafees already looked at accounting with the organic approach of including strategy and business planning. I would highly recommend Nafees for business accounting and taxes in addition to CFO/Controller part time services."
Keesha Rosario
Owner (Smart Watering System)
Nafees has provided awesome accounting services to me for the last 5 years that include; bookkeeping accounting, payroll, and taxes. He has always been accessible and has the answers any questions I need answered regarding accounting for my business as it has grown. He has become a consistent asset that I know I can rely on.
Jeff Sakari
Owner (LandScaping)

Advantage of Working With Us

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