knowledge topics
Tax Returns for the Deceased
KNOWLEDGE EXPECTED OF: CFP® Professionals Only
- Identify tax returns for a deceased individual.
- Mandatory1
- Optional1
- Explain the purpose of optional returns for a deceased taxpayer.
- Identify due dates for tax returns upon death.
- For the final tax return2
- For the rights or things tax return3
- For a return for a partner or proprietor4
- For a return for income from a testamentary trust5
- Explain the purpose of acquiring a clearance certificate from the Canada Revenue Agency.6
- Explain the risk to the personal representative or estate administrator of distributing assets prior to receiving a clearance certificate from the Canada Revenue Agency.
- Identify the requirement for the personal representative or estate administrator to receive a clearance certificate from the Canada Revenue Agency to confirm acceptance of the final tax returns.
- Final return clearance certificate
- Distribution of assets clearance certificate
- Identify documentation a personal representative or estate administrator may choose to obtain in the act of closing an estate, such as:
- Clearance certificate from the Canada Revenue Agency
- Valid releases from beneficiaries
- Application to the court for passing of accounts
Glossary of Verbs (mouse over to see definition)
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Define
To state exactly the meaning of
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Identify
To be aware of / to recognize and correctly name / to locate an appropriate resource
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Explain
To make clear the meaning of / to describe something in more detail or reveal relevant facts or ideas related to it
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Compare
To note the similarities and differences between two or more things
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Estimate
To determine an approximate value for
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Calculate
To find the value using mathematics
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Convert
To change from one form or purpose to another
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Evaluate
To reach a conclusion or make a judgement through careful study
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Interpret
To give the meaning of / to construe or understand / to translate orally

REFERENCES
- http://www.cra-arc.gc.ca/tx/ndvdls/lf-vnts/dth/tpsrtrns-eng.html
- http://www.cra-arc.gc.ca/tx/ndvdls/lf-vnts/dth/fnl/d-eng.html
- http://www.cra-arc.gc.ca/tx/ndvdls/lf-vnts/dth/ptnl/rghts-eng.html
- http://www.cra-arc.gc.ca/tx/ndvdls/lf-vnts/dth/ptnl/prtnr-eng.html
- http://www.cra-arc.gc.ca/tx/ndvdls/lf-vnts/dth/ptnl/trst-eng.html
- http://www.cra-arc.gc.ca/tx/ndvdls/lf-vnts/dth/clrnc-eng.html