In response to the answers to my questions. First of all, thank for your response. You were correct I was not clear enough in my questions. The husband was the only beneficiary of the will. Unfortunately, he was not very helpful as he was very much grieving his loss. It appeared that all the assets were held in two join accounts one with the wife as the main holder and the other with the husband as the main holder. However, I was not sure that these were the only assets and the will was misleading as it definitely mention leaving all her assets to the husband. Anyway, I took my best guess and filed her return with no deemed disposals. Much later, I talked with the TD Waterhouse estate department as was told that the will was on no use as the wife had transferred over all the assets to the two joint accounts, which meant the assets were transferred out of the wife’s account at ACB. This happened sometime early in 2019, might have been February, but was certainly not later than March. I was there in early April and the assets had been transferred.
Because of this, I assumed that there would not be a need for a T3 return. However, I was wrong somehow two T5008 slips were issued. I will not know until tomorrow for sure, but I am assuming that these bonds matured before the transfer and therefore the asset sales happened in her name with the husband as joint holder. These are not an issue as there was a small capital loss on both trades.
However, there must have been interest due as there was also a T5 issued for interest.
The T3 return is due March 30th and I have not applied for a Trust number. The interest will be transferred to the husband, so the trust does not owe any taxes. Since this is the first T3 I have had to complete, What is the best way I should proceed?
Please respond quickly as I only have tomorrow to decide. This virus is a real problem.
Thank you in advance,