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Death and taxes are the only certainties in life. The Executor of the estate or the next of the kin are required to file taxes of a deceased individual in the year of death.
At the time of death, it is important to figure out the complete tax plan as the following returns may be required to be filed at the time of death.
- Final T1 Return
- Optional Rights or Things Return
- Any pending prior year tax returns
While taxes at death can get very complicated, they might also present an opportunity for tax planning and save thousands of tax dollars.
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