March 2022: What are your tax obligations as the Executor of a will? Fulfilling the role of an Executor includes a variety of responsibilities but ensuring the following is a top priority:
– Filing all tax returns
– Making sure all taxes owing are paid
– Notifying all the beneficiaries under the Will
– Filing for a clearance certificate from the CRA (certifies that amounts for which the deceased is liable to the CRA have been paid)
Before taking any action as an Executor, get legal advice and know your obligations first.