With the passing of a loved one, their assets are now apart with their estate. As the estate, they are deemed as a trust. A T3(Trust Income Tax Return) will need to be filed to report the financials accordingly. It is important that all information is reported accurately, as inaccuracies may result in liabilities of taxes.
The passing of a loved one can result in numerous hardships that are complicated. Depending on the deceased individual's prior circumstances, they may still have responsibilities tied to multiple organizations that requires to be reported to. As a result, additional planning in the form of tax and financial advisory services may be required to know how to proceed with current and future situations accordingly.