Dates and location
Pricing
Hours
Dates and location
Pricing
Hours
Description
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: No updates or changes were made to the 2023 version of this course. If you completed the course in 2022, please be advised the 2023 course material has not changed. If you have any questions, please contact pdevents@cpaontario.ca.
Key Takeaways
Upon completing this course, you will 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.
Who Will Benefit
This course targets practitioners who wish to expand their personal tax skills to encompass the preparation of estate and testamentary trust income tax returns. Professionals seeking more information on terminal filing preparation should take RIP – Terminal Filing.
Prerequisite(s)
Participants planning to enroll in this workshop should possess knowledge of personal tax and have some experience in preparing T3 trust tax returns.
How to Access the Course
To access the course please visit our BlackBoard site, and log-in using the same login and password used for the Registration Portal.
Please allow up to 15 minutes after registration for the course to appear on your BlackBoard page.
Registration, cancellation, withdrawal and all other CPA Ontario PD policies can be found here.