Death and Taxes
In this world nothing can be said to be certain, except death and taxes.-Benjamin Franklin
Coping with death of a loved one, or contemplating the great leveler, that sooner or later will visit all of us is a matter that must be approached in a measured and sober manner. We at Tax To Go make every effort to ease your burden in contemplating the tax consequences of the loss of a loved one or in preparing for that unfortunate event.
The Canada Revenue Agency has created some very good informational resources to help you through the process. Here are several other informational items that will ease the way.
- You should also alert the Canada Revenue Agency of your loved ones passing as soon as possible. If the deceased was receiving GST/HST credit payments, these will need to be stopped. You will be required to fill out and submit the form “Request for CRA to update records” This form can be found at the following link.
- You can also contact the CRA at 1-800-959-8281
Period when death occurred January 1 to October 31 / November 1 to December 31
Due date for the return April 30 of the following year / Six months after the date of death
- If the deceased or the deceased's spouse or common law partner was carrying on a business (unless the expenditures of the business are mainly in connection with a tax shelter), the following due dates apply:
Period when death occurred - January 1 to December 15 / December 16 to December 31
Due date for the return - June 15 of the following year /Six months after the date of death