A hub for estate planning, executor duties, terminal and estate returns, and trust reporting in Canada.
What this guide covers
Whether you’re planning ahead, named as an executor, or responsible for trust reporting in Canada, estate and trust tax has strict rules and real deadlines. This guide brings together RHN’s content on estate planning, executor tax help, terminal and estate returns, and current trust filing requirements for families and trustees in BC and across Canada.
In this guide:
- Estate planning and trusts
- Executor duties and tax returns
- Trust reporting in Canada
- Succession and family business
Estate planning and trusts
Estate planning helps you decide who inherits what, how assets are held, and how to reduce tax and family conflict. Trusts can add flexibility, creditor protection, or controlled distributions when a will alone is not enough. Trust reporting in Canada has expanded significantly: even arrangements people don’t think of as “trusts” may now need a T3 return. An estate planning accountant can help you weigh whether a trust fits your situation and what ongoing compliance will involve.
Articles in this topic
Executor duties and tax returns
Do executors need an accountant? Often yes, especially when the estate holds investments, a business, real estate, or an RRSP/RRIF. You’re responsible for the deceased’s terminal return (covering January 1 through the date of death) and for estate returns on income earned after death. The terminal return is generally due April 30 of the year after death, the same deadline that applies to most personal T1 filings. Optional returns may apply for unpaid salary or other rights and things owing at death.
Deadlines are strict. Missing them can mean interest, penalties, or delays distributing the estate. Deemed dispositions on death, RRSP/RRIF inclusion, and multiple return filings are common reasons executors bring in professional help early. See our articles below for what to file and when.
Articles in this topic
- Terminal Returns: What Executors Need to Know
- Estate Returns: What Executors Need to Know
- You’ve Been Named as an Executor: When Should You Hire an Accountant?
Trust reporting in Canada
Trust reporting in Canada now requires many more trusts to file a T3 Trust Income Tax and Information Return, including Schedule 15 beneficial ownership disclosure. Rules expanded for tax years ending December 31, 2023 and later. Bare trusts received CRA administrative guidance in March 2024; obligations can differ from year to year, so check current CRA announcements before you assume you’re exempt.
UHT (Underused Housing Tax) and T3 trust reporting are separate obligations. If property is held through a bare trust, you may need both trust income tax reporting and UHT filings depending on the facts. See Do You Have a Bare Trust? What That Means for Underused Housing Tax (UHT) for the property angle, and the article below for federal trust reporting rules. Older trust-tax posts on the site may be outdated; use the reporting requirements article for current guidance.
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Succession and family business
Passing a family business to the next generation takes tax and legal planning: ownership transfer, valuation, and structures that balance fairness with tax efficiency. Common approaches include estate freezes and gradual share transfers over time. Starting years before a planned retirement or sale gives you room to fix problems without rushing a transaction.
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FAQ
Do executors need an accountant?
Not every estate requires one, but you should get help when there are investments, real property, business interests, RRSPs/RRIFs, or multiple beneficiaries. An accountant can handle terminal and estate returns, deemed dispositions, and CRA correspondence. See You’ve Been Named as an Executor: When Should You Hire an Accountant?.
When do I file a terminal return for someone who died?
The terminal return covers January 1 of the year of death through the date of death. It is generally due April 30 of the year after death. See Terminal Returns: What Executors Need to Know.
What is trust reporting in Canada?
Many trusts must file a T3 return and Schedule 15 beneficial ownership information. Rules expanded for years ending December 31, 2023 and later. See New Reporting Requirements for Trusts in Canada: What You Need to Know.
What is the difference between a terminal return and an estate return?
The terminal return reports the deceased person’s income to the date of death. An estate return reports income earned by the estate after death. An estate may need both. See Estate Returns: What Executors Need to Know.
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Estate and trust topics in one place
Review practical articles on trust reporting, executor responsibilities, and estate planning tax considerations.
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