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The death of a loved one is emotionally challenging for the loved ones and taxes and finances are the last thing on anybody’s mind.
However, based on the level of investment and types of pensions or income sources of the deceased, the next of kin or the executor of the estate may be responsible for reporting the death to multiple organizations like Canada Revenue Agency, financial institutions and Service Canada
The executor is also required to obtain a Clearance certificate from Canada Revenue Agency before any assets from the estate can be distributed.
All this needs to be done when most people are grieving the loss of their loved one and in most cases lack knowledge of what needs to be done.
We at Softron, provide tax and financial advisory services that will help you walk through the process after passing away of a loved one.
Visit your nearest Softron location today if you need help or call to book your appointment.
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