Estate & Final Tax Returns
Comprehensive Tax Filing for Deceased Individuals & Estate Executors in North Vancouver, BC
When someone passes away in Canada, their final tax return (T1 Terminal Return) must be filed with the Canada Revenue Agency (CRA), reporting all income earned up until their date of death. Additionally, if the estate continues to generate income after death, an estate (T3 Trust Income Tax Return) may be required.
At Westview Accounting & Tax Services Inc., we provide expert estate and final tax return preparation for families, executors, and trustees in North Vancouver, BC. We ensure that the deceased’s tax obligations are fulfilled accurately, tax credits are maximized, and the estate remains compliant with CRA regulations.
What Tax Returns Need to Be Filed for
a Deceased Individual?
T1 Final Return
Reports all income earned from January 1 of the year of death to the date of passing.
T3 Estate Return
If the estate continues earning interest, dividends, rental income, or capital gains, a T3 return must be filed.
Optional Tax Returns for Tax Reduction:
Rights or Things Return (T1)
Reports unpaid employment earnings, bonuses, or pension payments at death.
Business/Partnership Income (T2125)
If the deceased was self-employed, a separate return may reduce taxes owed.
Farming/Fishing Income (T2042)
If applicable, additional returns help offset tax liabilities.
Tip: The executor or legal representative of the deceased is responsible for ensuring these tax filings are completed correctly and submitted on time.
What Income Needs to Be Reported on a Final Tax Return (T1 Terminal Return)?
Employment & Pension Income (T4/T4A)
Includes salaries, CPP, OAS, and employer pensions.
Investment & Capital Gains (T5/T3/T5008)
Expenses for painting, plumbing, HVAC repairs, and renovations.
RRSP & RRIF Withdrawals (T4RSP/T4RIF)
Deductible for landlords renting out their property.
Rental Property Income (T776)
If the deceased owned rental properties, rental income must be reported.
Business & Self-Employment Income (T2125)
If the deceased was a sole proprietor, their business income is taxable on the final return.
Foreign Income & Assets (T1335)
If applicable, the CRA requires reporting of foreign investments, rental income, or offshore assets.
Tip: Any income earned after the date of death must be reported on an estate (T3) return, not the T1 final return.
Tax Credits & Deductions Available on a Final Tax Return
Medical Expenses (RC4065)
Management fees for stock portfolios and mutual funds.
Disability Tax Credit (T2201)
If the deceased was eligible for the disability credit, any remaining amounts may be claimed.
Charitable Donations (T1 Schedule 9)
If the deceased made charitable contributions, tax credits may apply.
Capital Loss Carryforwards (T1 Schedule 3)
If applicable, previous capital losses may be used to offset final taxes.
RRSP & RRIF Rollovers (T4RSP/T4RIF)
If a spouse or dependent child is a beneficiary, certain tax-free rollovers may apply.
Tip: The executor or estate administrator should work with a tax professional to ensure all deductions and credits are claimed.
What Income Needs to Be Reported on a Final Tax Return (T1 Terminal Return)?
Employment & Pension Income (T4/T4A)
Includes salaries, CPP, OAS, and employer pensions.
Investment & Capital Gains (T5/T3/T5008)
Expenses for painting, plumbing, HVAC repairs, and renovations.
RRSP & RRIF Withdrawals (T4RSP/T4RIF)
Deductible for landlords renting out their property.
Rental Property Income (T776)
If the deceased owned rental properties, rental income must be reported.
Business & Self-Employment Income (T2125)
If the deceased was a sole proprietor, their business income is taxable on the final return.
Foreign Income & Assets (T1335)
If applicable, the CRA requires reporting of foreign investments, rental income, or offshore assets.
Tip: Any income earned after the date of death must be reported on an estate (T3) return, not the T1 final return.
Tax Credits & Deductions Available on a Final Tax Return
Medical Expenses (RC4065)
Management fees for stock portfolios and mutual funds.
Disability Tax Credit (T2201)
If the deceased was eligible for the disability credit, any remaining amounts may be claimed.
Charitable Donations (T1 Schedule 9)
If the deceased made charitable contributions, tax credits may apply.
Capital Loss Carryforwards (T1 Schedule 3)
If applicable, previous capital losses may be used to offset final taxes.
RRSP & RRIF Rollovers (T4RSP/T4RIF)
If a spouse or dependent child is a beneficiary, certain tax-free rollovers may apply.
Tip: The executor or estate administrator should work with a tax professional to ensure all deductions and credits are claimed.
How Westview Helps Executors &
Families with Estate Tax Filings
How Westview Helps Executors & Families with Estate Tax Filings
T1 Final Tax Return Preparation
We accurately report all income earned before death and claim eligible credits & deductions.
T3 Estate & Trust Tax Return Filing
If the estate continues earning income, we handle T3 estate tax filings to ensure compliance.
Rights or Things Return Optimization
We assess whether filing a separate return for unpaid income will reduce overall taxes.
Capital Gains & RRSP/RRIF
Tax Planning
We ensure investment gains, RRSP withdrawals, and pension transfers are handled tax-efficiently.
CRA Clearance Certificate Application (TX19)
We assist executors in obtaining a CRA clearance certificate, confirming that all taxes are settled before distributing the estate.
Executor & Estate Tax Guidance
We provide ongoing support to ensure the estate remains tax-compliant until final settlement.
Why Work with Westview Accounting & Tax Services Inc.?
At Westview Accounting & Tax Services Inc., we combine deep expertise with personalized service. Our team takes the time to understand your unique financial situation and offers tailored advice to ensure your return is accurate, compliant, and optimized for maximum refunds. We don’t just file your taxes—we help you plan smarter for the future. Whether you’re a newcomer, business owner, or retiree, you can trust us for clear guidance, strategic savings, and peace of mind all year long.
Experienced accountants
Transparent, upfront pricing
Professional review of all tax documents
Personalized advice for your financial goals
Convenient online or in-person filing options
Ensure the Deceased’s Taxes Are Filed Correctly & The Estate is Tax-Compliant
Filing estate and final tax returns can be complex and overwhelming for executors and families. Let Westview Accounting & Tax Services Inc.
handle your T1 final return, T3 estate return, and all related tax obligations in North Vancouver, BC.
Contact Us Today! Get expert estate and final tax return preparation services!
Westview Accounting provides trusted accounting, tax, and bookkeeping services across North Vancouver and Surrey. We help individuals and businesses stay compliant, informed, and financially confident.