Estate Planning

Tax Season

By Hull & Hull LLP

Welcome to my week of blogs.

Tax season is once again upon us with all of its attendant trepidation. No doubt, a general panic has set in as people gather together the necessary documentation to fill out and file their tax returns. 

Anybody who has been an estate trustee will know that he/she is responsible to prepare and file a terminal tax return and to ensure that any outstanding taxes are paid on time. To help cut through the confusion, I thought it worthwhile to set out some of the income/deduction tax receipts that an estate trustee may come across when preparing a tax return:

Income

Ø      T4                    Employment Income

Ø      T4A                  Pension/Annuity Benefits, Canada Pension Plan Benefits

Ø      T4A(OAS)       Old Age Security Benefits

Ø      T4RIF              Registered Retirement Income Fund Withdrawals

Ø      T4RSP            Registered Saving Plan Withdrawals

Ø      T4PS               Contributions by a Company to Profit Sharing Plan

Ø      T600                Cash Canada Savings Bonds

Ø      T4E                  Employment Insurance Benefits       

Ø      T5                     Investment Income

Ø      T3                     Trust Income (including mutual funds and income trusts)

Ø      T5008              Statement of Securities Transactions

Ø      T5013              Statement of Partnership Income

Deductions

Ø      T2200              Declaration of Conditions of Employment

Ø      T2201              Disability Tax Credit (completed by a doctor)

Ø      T2202              Tuition/Education Deduction Certificate

Ø      T101                Statement of Renounced Resource Expense

Ø       T5006              Labour Sponsored Tax Fund Credit, RRSP Contribution, Union and Other  Professional Dues, Medical or Attendant Care Expenses, Charitable Donations, Political Donations, etc.

Regards, Justin.

Full post as published by Toronto Estate Law Blog on April 07, 2008 (boomark / email).