What if the executor cannot locate the deceased’s original cost on an asset?

July 11th, 2018

If the deceased’s original cost for an asset cannot be found amongst their personal papers or their records with a financial institution, the executor, with the help of an accountant, is responsible for coming up with a reasonable number and must be prepared to defend that number if questioned by CRA.

If, for example, the deceased […]

What if the deceased owned US or other foreign property?

July 11th, 2018

If the deceased owned US or other foreign property there may be taxes owing in that jurisdiction.  QuickEstate™ does not provide tax advice. The executor should retain the services of a Canadian accountant well versed in US or foreign tax. Most mid sized and large Canadian accounting firms have foreign tax experts.

If the deceased owned “US […]

What if the deceased was a US citizen?

July 11th, 2018

Americans are taxed based on their citizenship; regardless of how long they have lived outside of the US or whether they owned US assets on death. If the deceased was a US citizen living in Canada, who never renounced their US citizenship, technically, they should have been filing tax returns and information returns with the […]

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