2015 t1

T1
1

I have a client that passed away in Feb 2015. The Executor wants to file the 2015 tax return now. Will TaxCycle allow me to do that?

Thanks,

Dan

2

There is really no point in filing the return now. You would have to file it manually since CRA is not setup to accept future tax returns under the efile system and based on another accountant I knew that would file early by preparing the return in the current year program, printing it, changing the year on the return manually and mailing it in, CRA will just hold it until next year once the 2015 tax year update occurs on their system. Then you are sitting there waiting hoping that they did not lose the return rather than just filing the return electronically as soon as the new filing year starts.

3

@balanced_books –

We normally issue a 2015 T1 preview in June/July which will allow you to file these returns by paper.

Since most of the provincial budgets have not been introduced, we don’t know what the rates and exemptions are yet.

Best regards,

~ Cameron

1 Like
4

Thanks James1 and Cameron.

That was my thinking too but the lawyer is being a dick and requesting / demanding that the return be filed immediately. I already told the Executor all the pitfalls but she is insisting because the lawyer is insisting. I told her she would have to sign an understanding that it has been filled by paper with the best information available at the time.

5

I have spoken with CRA about this and they will accept a 2015 return now. You print it on a 2014 return and scratch out 2014 at the top and put in 2015. The issue is whether it will get assessed before next year. If the deceased’s income for 2015 is clearly below the NRTC’s then CRA should assess it early. If the income is more substantial you may have to wait until next January. I’ve done this a couple times in the past two years and the returns were both assessed early.