Checklist of Important Information for the Preparation of the Terminal Income Tax Return

The following are some of the more important material required. This list is not all inclusive.

  • Prior 3 years income tax returns
  • Family data including:
    • name of spouse
    • partner
    • date of birth
    • social insurance number
    • citizenship
  • Names of children including:
    • dates of birth
    • social insurance number
    • note any infirmity or dependency for personal income tax credits
  • Names and addresses of deceased:
    • lawyer
    • trust officer
    • banker
    • life insurance agent
    • stock broker
    • investment advisor
    • financial planner
  • Country of residence and domicile and citizenship of deceased and spouse
  • Marriage contract
  • Any trust deeds
  • Any wills, codicils or testamentary dispositions
  • All life insurance policies
  • Any separation agreement or divorce decree
  • Any partnership or shareholders’ agreements
  • Copies of all real estate deeds owned by the deceased
  • List all gifts made and the recipients
  • A list of all gifts bequests in the will and recipients
  • List of assets of the deceased, including date of acquisition, cost, Valuation Day (if applicable) and fair market value at the date of death
  • A list of all investments in the deceased’s portfolio
  • A list of RRSPs, RRIFs, LIFs and LRIAs of the deceased
  • Details of all share ownership of the deceased, including shares of a small business corporation, obtain financial statements
  • List of all personal property including automobiles, boats, jewellery, art, coin and stamp collection, furniture and antiques
  • Obtain V-day value of any assets owned prior to 1972
  • Description of any farm assets, including inventory and receivables
  • List of all interests and trusts including expectancies of inheritance
  • List of all liabilities and creditors including any medical or retirement facilities

If you have any questions about your particular situation please call Joe Truscott at 905 528 0234, Extension 224 or email Joe at joetruscott@josephtruscott.com.