October 2010 - The Bulletin Magazine

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MOUNT ALBERT TAX COMPANY “The low cost provider of professional tax services” Ian Hawkins ACCOUNTING & INCOME TAX 905.473.6522 www.t42.ca PO Box 1028,19185 Centre Street, Unit 2 Mount Albert, ON L0G 1M0 (next to Post Office) 1.866.355.5759 • f. 289.803.0041• c. 416.528.9639 24 The Bulletin | October 2010 www.thebulletinmagazine.com
Tax Tips Death and Taxes by Ian Hawkins You should provide CRA with the deceased's date of death as soon as possible. You can contact CRA or complete the applicable information and send it to your tax services office or tax centre. It is best to seek professional help as there are too many other things to deal with and cope with. Taxation is the last thing you want to confront. Arrangements must be made to stop payments and, if applicable, transfer them to a survivor if any of the following situations apply: • the deceased was receiving the goods and services tax/harmonized sales tax (GST/HST) credit; • the deceased was receiving the working income tax benefit (WITB) advance payments; • the deceased was receiving Canada Child Tax Benefit (CCTB) payments and/or Universal Child Care Benefit (UCCB) payments for a child; or • the deceased was a child for whom CCTB and/or UCCB and/or GST/HST credit payments are paid. Service Canada should also be advised of the deceased's date of death since OAS and CPP will stop as at the date of death and arrangements must be made for survivor’s benefit if applicable. A T1 return must be filed for the deceased up to the date of death. T3 estate returns must be filed subsequently until the estate is settled. At this time a Clearance Certificate must be obtained from CRA. There are special rules for property that a deceased person owned before 1972. For details about these rules and for information about other property such as eligible capital property, resource property, or an inventory of land, get professional help. When a person dies, CRA considers that the person has disposed of all capital property right before death. This is called a deemed disposition. Also, right before death, CRA considers that the person has received the deemed proceeds of disposition (referred to as "deemed proceeds"). Even though there was not an actual sale, there can be a capital gain or, except for depreciable property or personal-use property, a capital loss. For depreciable property, in addition to a capital gain, there can also be a recapture of capital cost allowance. Also, for depreciable property, instead of a capital loss there may be a terminal loss. These topics are beyond the scope of the majority of the population. Seek help at an early date and it will take a load of worry off your mind. You are the legal representative of a deceased person if: • you are named as the executor in the will; • you are appointed as the administrator of the estate by a court; or • you are the liquidator for an estate in Quebec. continued on page 28 www.thebulletinmagazine.com October 2010 | The Bulletin 25
Page 1 and 2: www.TheBulletinMagazine.com THE Bul
Page 3 and 4: CONTENTS IN EACH ISSUE 6 WHAT’S O
Page 5 and 6: www.thebulletinmagazine.com October
Page 7 and 8: Saturday, October 23 & November 20
Page 9 and 10: Happy Thanksgiving Free Gardening A
Page 11 and 12: (removal of spent blooms) required.
Page 13 and 14: IN THE KITCHEN with Moira Sanders I
Page 15 and 16: is required at town hall. Initially
Page 17 and 18: Each community deserves a voice and
Page 19 and 20: MARLENE JOHNSTON: seeking position
Page 21 and 22: KATHARINE PARSONS: seeking position
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Page 27 and 28: formed relationships with the York
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Page 31 and 32: efore THERE ARE 4 PARTS TO MY PHILO
Page 33 and 34: Chief for a Day Thomas Hill (pictur
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October 2010 - The Bulletin Magazine

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