Category: Estate Accounting

Register to the Ontario Legal Conference – Receive a 15% Discount

Posted on January 22, 2023

AccounTrust is happy to be a sponsor of OBA’s Ontario Legal Conference which is taking place February 8 – 10. A registration discount is extended to those interested in attending. Please see below. 15% Sponsor Discount #ON4C586F87BF https://www.oba.org/OLC ONTARIO LEGAL CONFERENCE February 8 – 10 2nd Floor 20 Toronto Street Toronto, ON | M5C 2B8

Drilling Down on the Deductibility of Paid Executor Compensation

Posted on October 20, 2016

By:  Avi Dahary The uncertainty surrounding whether compensation paid to an estate executor is deductible and if so, how much of it is deductible, has meant that most tax treatments of this issue are to the extremes — either deduct the full amount of paid compensation or none at all. Needless to say, both treatments are often […]

Executors: Prepare for CRA’s due diligence on deceased’s real estate

Posted on April 7, 2016

Occasionally, an estate executor may be in a situation where a deceased’s estate includes a real estate property that consists of attached principal residence and commercial space, which sparks a number of tax-related issues. First, there would be a deemed disposition declared on the deceased’s final personal tax return. This deemed disposition would be in respect of the […]

Attorneyship, guardianship accounts and separating between capital and revenue transactions

Posted on February 10, 2016

Periodically, I am asked to comment on attorneyship or guardianship accounts that were prepared by someone else for court-passing and in some cases the first observation I have is that the transactions recorded in the accounts are separated between the capital account and the revenue account (i.e. between capital receipts, capital disbursements, revenue receipts and […]

Seeking legal counsel, fiduciary accountant shouldn’t be an afterthought

Posted on January 4, 2016

It’s important for those acting as a guardian or a trustee during litigation to seek both experienced legal advice and fiduciary accounting expertise at the outset before challenges can arise, says Avi Dahary, founder of AccounTrust. “For those acting in such a role, it’s advisable to speak with a lawyer and a fiduciary accountant before they […]

The case for preparing annual estate accounts

Posted on November 30, 2015

It’s prudent for executors and trustees to hire an expert to prepare the estate accounts and the trust tax return at the same time, says Avi Dahary, founder of AccounTrust. “Retaining an accountant who specializes in both estate accounting and tax matters is the most efficient route because the same information that’s written up in the estate or […]

After the estate trustee is no longer accountable to the OCL

Posted on

Although trustees are no longer legally compelled to submit estate accounts to the Office of the Children’s Lawyer after a beneficiary reaches 18 years of age, they still have a legal duty as a person in a fiduciary position to provide an accounting to the beneficiary, says Avi Dahary, founder of AccounTrust. “As long as the beneficiary was a minor, the estate trustee was accountable […]