Executor Income Tax Duties
As the legal representative for an estate, executors must do 5 things:
These returns could be personal or for the deceased’s business. Multiple tax returns can sometimes be filed to save the estate money.
2. Hire a tax advisor to protect you.
You must, however, supervise all professionals you hire. Don’t make a mistake. Make sure if the tax advisor will request any tax clearance.
3. Advise beneficiaries.
Let them know about the taxable assets they received.
4. File any outstanding tax returns.
5. Avoid filing any final tax returns late.
Know the tax filing due dates to avoid any late filing penalties and interest charges.
As a legal representative, you need
• a copy of the deceased’s death certificate
• social insurance number, and
• a copy of the will or court documents confirming your status as legal representative.Executors On: December 2nd, 2011