BoK Statement

Explain how the death of an individual may be treated for income tax purposes.¹
- When the deceased owned capital property at the time of their death
- When the deceased owned non-depreciable capital property at the time of their death
- When the deceased owned depreciable capital property at the time of their death
Explain how net capital losses may be used for a deceased taxpayer.²
Explain how medical expenses may be claimed on the return for a deceased individual.³
Estimate the tax impact from the deemed disposition of capital property due to the death of a taxpayer.

Explain how charitable donations may be used for a deceased taxpayer
Identify the availability of donation tax credits for:
- donations of the deceased and
- donations of the estate

Glossary of Verbs (mouse over to see definition)

Define

To state exactly the meaning of

Identify

To be aware of / to recognize and correctly name / to locate an appropriate resource

Explain

To make clear the meaning of / to describe something in more detail or reveal relevant facts or ideas related to it

Compare

To note the similarities and differences between two or more things

Estimate

To determine an approximate value for

Calculate

To find the value using mathematics

Convert

To change from one form or purpose to another

Evaluate

To reach a conclusion or make a judgement through careful study

Interpret

To give the meaning of / to construe or understand / to translate orally

Read more about the Taxonomy used in the FP-BoK

Financial Planning Body of Knowledge