Executor’s Checklist: Six Commonly Requested Items by CPAs
Being an executor for a deceased taxpayer can be overwhelming. At DMCL, we can guide you through the process of filing the necessary tax returns including the deceased taxpayer’s final tax return, and where necessary, a rights and things return, an estate tax return, and finally a compliance certificate.
The following is a list of items commonly requested during a meeting with your DMCL Advisor:
- A copy of the deceased taxpayer’s Last Will and Testament and Probate (if applicable)
- A copy of the deceased taxpayer’s Death Certificate
- If the deceased taxpayer owned their principal residence when they passed away, you will need to provide the market value of the property when they passed away as well as the year they originally purchased the property. The market value of the property can be determined using a BC property assessment value or a market appraisal from a realtor. If you do not have a copy of the original purchase of the property, your realtor or lawyer may be able to provide the historical sales to find your original cost.
- If the deceased taxpayer owned any other real property (i.e. rental or recreation homes) at death, you will need to provide the original cost of the property as well as the market value of the property when they passed away. The market value and original cost of the property can be determined in the same manner as above.
- If the deceased taxpayer held money in a non-registered investment account, you will need a copy of the market position of these investments from their financial advisor on the date they passed away as well as any securities that had been sold during the year prior to the taxpayer’s death.
- If the deceased taxpayer held shares in a private corporation talk to your DMCL Advisor as this will have to be included on the deceased’s final return.
Lastly, have you applied for the Canada Pension Plan (CPP) death benefit? Contact Service Canada to see if you can apply for the $2,500 death benefit.
To learn more, contact your DMCL advisor.