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An Executor or Administrator has a statutory duty to produce a final Estate Account which can be enforced by the Court. This account will illustrate what money has come in and out of the Estate, listing all assets, liabilities (debts), administration expenses and the final amount to be distributed to the Beneficiaries.
The Canada Revenue Agency requires you to fill out the terminal tax return either six months after the time of death or on April 30 of the year following the date of death. For example, if the person died on February 2, 2023, you must file the terminal tax return by July 30, 2023, or April 30, 2024.
Prepare for paperwork. Besides making sure tax returns from previous years have been filed, preparing the final return will involve tracking the deceased's income from all sources from January 1st of the year of death up to the date of death.
The Basics Arrange Funeral ? Request burial or cremation, organize memorial, order death certificates, etc. Take Inventory ? Find and organize all estate assets and debts. Become Executor ? Get appointed by the court (if going through probate) Register as Liquidator ? Get official appointment via RDPRM.
A Final Account is a complete record detailing the assets, receipts, and disbursements made during a probate administration.