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Winter 2012
Escarpment Magaz ine
50. Prepare and file all necessary income tax returns to the date of death, and for any prior
years, making sure to consider the applicability of special returns (e.g. rights and things return),
and any elections available to the estate, and any rollovers available, obtaining professional
advice and assistance as needed.
51. InQuebec, proceedwith theclosureof the inventory in the register of personal andmovable
real rights by registration of a notice and publish it in a newspaper circulated in the locality
where the deceased resided at date of death.
52. Prepare and file estate income tax returns for the period subsequent to the date of death.
53. Request clearance certificates fromall relevant tax authorities.
Final Distribution of the Estate
Once theaboveduties and responsibilities havebeen satisfiedandall necessary tax clearance
certificates and beneficiary releases have been received:
54. Prepare and distribute to the beneficiaries your final report, accounts and claim for com-
pensation.Onceyou receiveapproval inwriting fromall beneficiaries, including theappropriate
representative of any minor, unborn and incompetent adult beneficiaries, you may take the
compensation claimed and proceed to distribute the remaining estate assets. If such approval
is not forthcoming, bringanapplicationbefore the court topass your accounts and fix your com-
pensation.
55. Establish any ongoing trusts provided for in theWill, transferring funds and/or assets to a
separate account for each trust.
56. In Quebec, prepare closure of the account and publish it in the register of personal and
movable real rights by a registration of a notice.
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Peter Hodgson CFA is a Vice President and Branch Manager as well as a Portfolio Manager with BMO Nesbitt Burns in Collingwood.
If you have any questions, please call 705-446-2094. If you are already a client of BMO Nesbitt Burns, please contact your Investment
Advisor for more information. Opinions are those of the author and may not reflect those of BMO Nesbitt Burns. The information
and opinions contained herein have been compiled from sources believed to be reliable but no representation or warranty, express
or implied, is made as to their accuracy or completeness. BMO Nesbitt Burns is a member CIPF. All insurance products and advice
are offered through BMO Nesbitt Burns Financial Services Inc. by licensed life insurance agents, and, in Quebec, by financial security
advisors. The comments included in the publication are not intended to be a definitive analysis of tax law: The comments contained
herein are general in nature and professional advice regarding an individual’s particular tax position should be attained in respect
of any person’s specific circumstances.ng an individual’s particular tax position should be attained in respect of any person’s specific
circumstances. Copies of this and pr evious articles are available at
on the web or by email at
IF YOU ARE APPOINTED EXECUTOR
,
OUR TASK LIST WILL PROVIDE YOU
WITH SOME GUIDANCE BY DESCRIBING
THE TYPES OF DUTIES YOU WILL
BE REQUIRED TO PERFORM
.
Construction Ltd.
PETER SCHLEGEL
General Contractor & Builder
of Quality Custom Homes & Chalets
705-445-3603