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Deceased Taxpayer Final Returns and Estate Donations

When an individual passes away in Canada, their legal representative—typically an executor or court-appointed administrator, is responsible for managing their final tax obligations with the Canada Revenue Agency. This process begins with notifying the government to stop benefit payments and registering as the authorized representative to access sensitive tax records. The representative must then file a Final Return to report income earned up until the date of death, while also considering optional returns that can minimize the estate's tax burden. Significant tax implications arise from the deemed disposition of assets like real estate and investments, which are treated as sold at fair market value unless transferred to a surviving spouse. If the estate continues to generate income or hold assets after the death, a T3 Trust Return may also be required annually. Finally, the representative should obtain a clearance certificate to confirm all debts are settled before distributing assets to beneficiaries, protecting themselves from personal liability.