Estate Financial Recording & Reporting

estate financial reporting & recording ontario personal estate executors

New and massive changes regarding the rules of Estate financial recording and reporting were introduced and became effective January 1st of 2014 and 2015. Being aware and knowing how they impact Estates can be overwhelming, while also trying to translate the “legalese” wording.

What we can do to help you with recording and reporting;

Whether you are a POA or Executor/Trustee we can help you deal with the extensive recording and reporting of the financial transactions you are responsible for.

If you need to respond to the request for “Passing of Accounts” we can help by setting up the format to do the work, or we can do it on your behalf.

Other recording and reporting can involve;

  • Determining the Estate Administration Tax (EAT), previously probate
  • Preparation of the Ontario Estate Information return with a 90 day deadline
  • Recording in the format for Estate Administration
    or
  • The more complicated and detailed Estate Accounting

With years of tax experience we can do a catch-up on years of previously unfiled personal and corporate tax returns.

A final tax return must be filed before a Clearance Certificate can be issued by Canada Revenue Agency.

Trust Returns must also be prepared and filed if the Estate has any assets after the final tax return is done and income and distribution is ongoing. What some might consider straightforward Estates may require numerous years of Trust Returns to be filed if not resolved or handled properly.

Whether you are the trying to decide who should handle these responsibilities on behalf of you and your Estate, or you are responsible for recording or reporting ask yourself these questions;

  1. Who has the time?
  2. Who has the knowledge?
  3. Who has the experience?
  4. Will family or business cause undo pressures in doing the right thing at the right time?

If you’re not sure of any of the above, contact me. I will help you work through these decisions and help you make the best decision for your circumstances.