Preparing taxes for someone who died Feb 9th

All about Canadian insurance. Learn the ins and outs and get the latest news.

Latest News

Warning to caregivers: Expect a scavenger hunt + MORE Feb 25th

This story is part 3 in a series on financial caregiving for seniors. Read others in this series: 3 signs you need to take control of your parents’ finances Caring for a parent? Get a power of attorney Before my father was diagnosed with dementia, I had a 30,000-foot awareness of my f.... More »

How to fund accessible home renovations in Canada Jul 7th

My house, as I told my insurance broker recently, is the Canadian housing equivalent of ancient. Built in the 1910s in Saskatoon, this house has many foibles. To hang pictures, I have to use wood screws lest regular nails bounce off of the layers and layers of paint. My basement is a little more tha.... More »

Canada’s home insurance under pressure as extreme weather costs rise Feb 21st

Canada’s home insurance safety net is starting to fray at the edges as the costs of extreme weather continue to rise. While competition is still healthy, and the country has so far avoided the coverage deserts growing in the United States, insurers are paring back policies in a variety of ways to .... More »

The state of the Canadian used car market: Trends, insurance, and the true cost of ownership Mar 9th

If you’ve been watching used car prices over the past year, you’re probably wondering if they’ll keep accelerating. Before you make a plan to trade in your vehicle or decide how much of a down payment to make, take a moment to anticipate what’s going on in the used car market this year. W.... More »

Preparing taxes for someone who died

– moneysense.ca

When you are managing the tax affairs of someone who has died, there are important steps to take to notify the Canada Revenue Agency (CRA), represent the deceased taxpayer, and finalize their tax filings.

Contacting the CRA

You should contact the government as soon as possible. This includes steps like cancelling a provincial health card, driver’s license, and applying for Canada Pension Plan (CPP) death and survivor benefits.

From a tax perspective, you should contact the CRA by phone or by mail. If you call CRA Individual Tax Enquiries at 1-800-959-8281, you should make sure you have on hand the person’s:

Date of death

Social Insurance Number (SIN)

Mailing address

Last tax return or notice of assessment

You should report their date of death and stop any ongoing benefits that may need to be repaid.

There are several other government agencies you should also notify.

Executors and next of kin

To formally represent someone who has died with CRA, you can do so as a legal representative or name an authorized representative…

Continue Reading On moneysense.ca »

Stay tuned for more Insurance wisdom brought to you by banks.ca!

Share