Estates and Trusts

Estate Accounting & Trust Tax Return Preparation

One of the more challenging areas in managing an estate is perhaps preparing the estate accounts and the preparation of the T3 trust tax return.  The accounting format is defined by Ontario regulations and court practice and has little semblance to common accounting formats.  The accounting can also be tedious and time-consuming to prepare.  By relying on AccounTrust for the preparation of the estate accounting and the related trust tax returns, fiduciaries (whether in the capacity of trustee, executor, attorney or guardian) can rest assured that they are carrying out their duties and acting in the best interests of the estate and its beneficiaries.

Our goal is to make the involvement of estate Executors easier and more efficient. AccounTrust works with estate Executors to provide professional results in a timely and efficient manner for estates of all sizes including:

  • Periodic bookkeeping and recording of estate transactions
  • Periodic estate administration and cash management
  • Preparation of a Statement of Accounts in Court Passing format
  • Calculating Executor’s Compensation
  • Preparation of the T3 Trust Tax Return
  • Preparation of the T1 Terminal Tax Return and all the related optional returns available in the terminal year to generate optimal tax saving
  • Representation before Canada Revenue Agency in connection with its examination of the T1 Terminal Tax Return and the T3 Trust Tax Return