This course provides a review of the issues faced when preparing estate and relevant testamentary trust filings for deceased taxpayers.

As a famous person once remarked, nothing is certain except for death and taxes. While accounting professionals possess a thorough understanding of the latter, some practitioners may require additional knowledge about the former. Accordingly, this course provides a review of the issues faced when preparing estate and relevant testamentary trust filings for deceased taxpayers.

The course focuses on the preparation of returns and related planning, including a review of relevant tax issues, engagement management, up-to-date sources of tax research, and CRA assessing practices. While the course briefly mentions some estate planning issues, these areas generally focus on matters that occur in the course of preparing these returns. After reviewing technical tax issues related to such returns, the course presents a practice case study to illustrate the concepts in a practical manner and allow you to apply your knowledge to realistic filing situations commonly encountered in practice.

Topics Include:

• Engagement management
• Tax compliance for the establishment of a testamentary trust.
• The identification of issues that have implications on the death of a taxpayer.
• Compliance issues related to the graduate rate estate of the deceased.
• Compliance matters with respect to distributions from the estate and the establishment of post-distribution testamentary trusts.
• The identification of issues relating to life interest trusts and related compliance matters.
• Estate accounting
• Identification of GST/HST matters

NOTE: This course description has been revised and reflects updates for 2024. If you have any questions, please contact pdevents@cpaontario.ca.

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By the end of this course, participants should be able to:

• Establish a plan for approaching estate and testamentary trust filing assignments.
• Identify and address tax compliance and planning matters associated with establishing a testamentary trust, as well as the subsequent distribution of property from it.
• Identify the implications of death on the deceased’s estate (including an understanding of the concept of a graduated rate estate).
• Identify and address compliance matters related to distributions from the estate and the various forms of post-distribution trusts.
• Identify the various types of life-interest trusts and the compliance matters that arise as a result of the death of a settlor or beneficiary thereof.
• Engage in estate accounting.
• Identify GST/HST issues that arise in the context of estates and testamentary trusts.