Posts Tagged: Legal Representative

Death, Taxes and the CRA

As the Executor you are not only responsible to the beneficiaries, the Canada Revenue Agency (CRA) is the first and last creditor of an estate. CRA will hold you personally responsible for non-payment of any taxes if you have made distributions to the beneficiaries and there is not enough money left to pay all outstanding taxes.

Additionally, from the date you become an Executor it may take over 3 years to complete the responsibilities for tax filings and payments. How do you manage?