When a client is dealing with a death in the family, you can offer to help handle end-of-life finances.

CRA, in a release, says the following steps should be taken by family members when a loved one passes away:

  • Gather all the deceased’s income tax information ahead of filing their final return. The due date for this return depends on the date of death, says CRA. For example, if someone dies between Jan. 1 and Oct. 31, the due date for the final return will be Apr. 30 of the following year. If someone dies between Nov. 1 and Dec. 31, the final return will be due six months after the date of death.
  • Notify the CRA of the date of death as soon as possible, by calling the agency or filling out the form on the back of Information Sheet RC4111, What to Do Following a Death.
  • Request that CRA stop any benefit and credit payments, including those tied to the GST/HST credit and Canada child benefit. If applicable, ask CRA to transfer them to a survivor.
  • Advise Service Canada of the deceased’s date of death.
  • Make sure the correct person is named on CRA’s files as the deceased person’s legal representative. This person must, if applicable, report income earned by the estate after the date of death. They’ll also need to determine whether a clearance certificate is needed to distribute any property.

Also read:

Let clients know about these will restrictions

What happens when the holder of a TFSA dies?

When your clients know their date of death

Managing assets for a parent with Alzheimer’s