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This virtual ‘seminar’ will be delivered in three separate webinars covering the following topics:
- Death of a Taxpayer Part 1: Tax issues arising at death – November 11
- Death of a Taxpayer Part 2: Preparing deceased taxpayer returns – November 18
- Death of a Taxpayer Part 3: Preparing estate returns – November 25
These webinars are ideal for anyone new to preparing deceased returns as well as more experienced preparers that want to better understand some of the tax issues they may encounter as well as tips on how to complete the necessary returns.
Attendees will be able to download a comprehensive companion workbook for each webinar in addition to the slide deck.
Death of a Taxpayer Part 1: Tax issues arising at death
In this webinar, we will discuss various tax issues that arise upon the death of a taxpayer including the following:
- Legal representatives
- Notification of the taxpayer’s death
- Probate fees
- Deemed dispositions of property
- Spousal rollovers
- Rollover of farm property
- Impact on business owners
- Tax treatment of registered plans, including rollovers
- Home Buyer’s Plan and Lifelong Learning Plan repayments
- Principal residence exemption
- Taxation of death benefits
- Loss utilization
Death of a Taxpayer Part 2: Preparing deceased taxpayer returns
This webinar will explore various issues relating to preparing final returns for deceased taxpayers as well as optional returns. This webinar will focus on practical considerations when preparing these returns and we’ll share tips for dealing with some of the complications you may encounter.
Topics covered will include:
- Filing deadlines and early-filed returns
- Electronic filing
- Accessing information for deceased taxpayers
- Identifying income to reported in the final return vs the estate return
- Pension Income Splitting
- Medical expenses
- Filing optional returns
- Personal credits available on optional returns
- Clearance certificates
Portions of the webinar will be presented using the Personal Taxprep software program in order to illustrate the forms and calculations involved. As iFirm Taxprep T1 and iFirm Cantax T1 use the same calculations as Personal Taxprep, these screens will be equally relevant to iFirm Tax users. However, as tax rules and the filing requirements are the same for all preparers, the content will also be relevant to tax preparers using other software programs.
Death of a Taxpayer Part 3: Preparing estate returns
In this webinar we will discuss when an estate return is required and explore various issues relating to preparing the tax return for the estate of a deceased taxpayer.
Topics covered will include:
- Requirements to file an estate return
- Fiscal period of the trust
- Filing deadlines
- Graduated Rate Estates
- Qualifying Disability Trusts
- Residence of the trust
- Trustee fees
- Income of the trust
- Ascertaining investment income
- Dispositions of capital property
Portions of the webinar will be presented using the Taxprep for Trusts software program in order to illustrate the forms and calculations involved. As iFirm Taxprep T3 and iFirm Cantax T3 use the same calculations as Taxprep for Trusts, these screens will be equally relevant to iFirm Tax users. However, as tax rules and the filing requirements are the same for all preparers, the content will also be relevant to tax preparers using other software programs.
All attendees will receive 2 hours of acknowledged attendance for verifiable Professional Development Credits with their association.
SESSION MATERIALS FOR ALL EVENTS
- 30 days to review the session recording
Maureen Vance, B. Com, CPA, CA
Tax Software Consultant – Wolters Kluwer Canada
Maureen obtained her CA with Peat Marwick Mitchell (a predecessor of KPMG) and joined Taxprep (now part of WoltersKluwer) in 1985. As one of the original Taxprep employees, Maureen has been involved with all aspects of Taxprep development and support, including acting as product manager on both Corporate Taxprep and Personal Taxprep. She completed the CICA In-depth tax course in 1991 and since 2002, she has been a consultant to WoltersKluwer on tax and compliance issues. Maureen researches and writes material for training and program documentation and presents seminars and webinars various tax and software topics to accounting firms across Canada. She is a member of the CRA-CPA Canada Technology Working Group, a contributor to the CPA Canada Tax Risk Management Guide as well as a frequent contributor to the Wolters Kluwer Canada publication Tax Topics.