This is my first time doing a deceased person’s return. My client passed away in July 2024, and his wife became the trustee of his Estate. He didnt own anything specifically, As per the Estate Asset & Liability List - he has bank balance, of around 3k, personal vehicles (co-signed by his wife) and shares worth of 18k in corporation, which his wife sold later on at a loss.
For Liability, they have outstanding credit card bill and 10k worth business expenses, totaling to 19k.
So does all this will need to reported anywhere on his final T1 or his wife’s T1?
Or will there be a need to file an Estate return, since there was no income on after his passing?
His lawyer in the final docs wrote below on the Asset list, does this mean any return needs to filed or it their any tax due?,
The Estate Administration Tax is calculated on the total value of the estate, rounded up to
the nearest thousand. For an estate valued at $31,945.76, the tax rate would be calculated
on $32,000.00, calculated as follows:
• $0 per $1,000 for the first $50,000 of the estate
• $15 per $1,000 for the remaining value of the estate (n/a)
• Estate Administration Tax is $0.00, payable to the Minister of Finance, by way of
bank draft, certified cheque, or money order
It would be helpful if someone has nay idea about it.