Hi tax professional , can anybody tell me what’s the typical fee to prepare TX19E for our clients’ T1 Final return. This is not a simple one, like I need to give a detailed assets, ACB of all assets transferred to a trust, a statement of proposed distribution.
As well as fee for TX19E for T3 trust.
Haven’t ever had a “typical” one. The last one I did was around $3-4K (IIRC) for the terminal return, T3 and Clearance…and it wasn’t overly complex, but took time to assemble info for the various parties and beneficiaries.
My favourite one of @joe.justjoe1’s analogies immediately come’s to mind…
How long is a piece of string?
@snoplowguy, I often use that with clients. Good to hear it has universal use.
I know I don’t charge enough - $100 but I prep it while I do the final and estate return. As a side note - I did a T1 final and an estate return TX19E but the CRA only issued the estate one and when I called they said if they offer the estate final distribution one it means the whole thing is clear.
The issue (at least for me) isn’t generally the TX19E itself - that is relatively trivial in and of itself - but the prep work for the reporting to the Executor/Trustee. Even on a simple Estate, say with a house sale and some cash, there are frequently ongoing transactions that need to be recorded, gifts that need to be properly allocated etc. Wrapping up an Estate (whether by T3 or not) is no longer a simple matter. TBF the last one I did was during COVID and we had an extraordinary waiting period in BC while the Courts were shut down.
I e-filed a T1 Final and did a T3 for the client who mailed dropped of at CRA drop box a couple days ago. Only thing on T3 was the mother’s house which there was no Capital gains on. DOD Dec. 27 house sold early May. Only other asset is cash in an Estate Bank account.
Do we require NOA on the T1 and NOA on the T3 before sending in TX19
Yes, always require the NOA having been issued.