come’ out. But~ pick™’
copy of. the. guide designed’
for-use in: filling out returns ~
_ for deceased persons from /
- Revenue Canada. . :

. forms

20 - Sunday, Aprit 7, 1985 - North Shore News

TAX TIPS

taxes - and taxes continue even after death, .

Here are a few tips for..

those facing the task of fill-
ing- out the
return of a deceased person.

First, be aware that oiily
the general return provides a
space for the date of death.

If you are using the special »

return, attach” a - ‘letter, with

this information. .

The return will be. due

date of death or by ‘April. 20,

. whichever’ gives’ you , micre
‘time. If the taxpayer. died

early in the year, you may
use. a

‘Gather ‘all’ the official
pertaining to: ‘the
deceased .person’s

{T3585

KYA OA4™

income tax’

income:
‘ete.) rihese,

: anti

after the date of. ‘death.
Uf the: will -includes a’.
‘donation ‘to. a,charity, the.
‘charitable deduction may be...
included either.on the return .
“for the year. Of: death, or ‘on ~
the preceding ‘year’s return,

ai By LISA SMEDMAN |

ket vaiue for that date. This
could produce a capita! gain,
half of which is included as
taxable income.

If, however, this produces.
La capital foss, be aware that
(for deceased taxpayers only)
. the > capital loss
either six months ‘after: the

can, . be
deducted . in” ‘full from, any

~ other’ income, once it has”
been’ used to reduce any cap-"
- ital: gains to ‘zero, (Usually, -.
only. a portion of ‘a capital:
loss.is deditctible:-from other .
come.}- This : loss may’ be’.

carried back « one tax year.
Property ‘willed: to“ others

‘is deemed: to. have been

disposed of by the date of
death. Capital gains made
after this date are taxed in
the hands of either the

- beneficiaries or, the trust.
But special-:rules apply to
property willed :to spouses, .

rather than ond the return of
the deceased... er
“|f-the will: “sets up a ‘trust

218° months

Exiplovment and ‘changes i in the labour market
Education, training and ¢ career aspirations

All ‘briefs: must be received by June 20, 1985; they must’.
; Bi English, French or in both official languages, - *:

The Committee will also hear witnesses as its schedule
permits. Requests to appear before the Committee must

@ received by May 17, 1985 and witnesses who intend to“
" appear must submit their briefs before that date.

“All briefs, “correspondence, and inquiries should be.

early
claiming the married exemp-
tion,

Income from an RRSP is
taxed in the hands of
beneficiaries, unless the
payments are not made
specifically to them. :

The fair’ market value of
any RHOSPs held by the
deceased person ond the date
of death are included as in-
come, unless they pass to the
spouse in a lump sum within
15 months of the death.

Death benefits become the
income of the beneficiary.
“‘Death.. benefits’’

tion of service from the
deceased person’s employer
(but-not a superannuation or
pension) and sick leave cred-
its paid. after the death (but
not the vacation: credits). In
many . cases, these benefits
are tax free.

Remember to include any
amount that the deceased
put into forward averaging
as income for the year of
death. (Forms detailing this

- amount are sent.each March

by Revenue Canada.) You
have the option of spreading
this amount. back over the
three years preceding . the
year of death. Use form
TS41-E,

When claiming . exemp-

‘tions for the deceased, claim

the full personal exemption,
even if the death took pace
‘in .the year. When

include only the

include
both a payment: in recogni-

: tax credit...

|. institution.

eath and taxes

THERE ARE only two certainties - death and

spouse’s net income to the

date of death in your calcu- . J

lations. .When claiming
dependents, however, you
must include their income
for the entire year in your
calculations.

If the deceased was eligi-
ble to claim the child tax
credit and died in December,
you need not include the in-
come ‘of a spouse or person

. who helped support the child.’
in your calculation of net in-
“come. If the death occurred .
‘in another month, whoever '

teceives the family
allowance: cheques" after the
death now claims the child

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FROM

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\

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“CALL THE LAND DEPT. DISTRICT
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TEL: 987-71 31.

> Growing. «

prosperity and; ..
financial success

innovative service
and community

ira financial)? ©

together with the .
‘North Shore: we are:
committed to the.

of its members,
» Over 40 years of

involvement make —
us your first choice

Seven convenient locations to serve you

que Hébert = “e ;
‘Chairman, aca Senate, Committee on Youth
‘The Senate of Canada’
Ottawa’ Ontario™

: - Clerk « of the Committe ~ (613),990-6184

Lansdale ha
2, 100 Lonsdale Avenue
98

Lynn Valley ;. °° Vilage

1247 Ross Road 3131 Edgemont Blvd.
980-6556 |. 985-8221

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1080 Marine Drive « South Mall (Galery Wi
986-1116: 926- 8571

Dollarton "Whistler
399 Dollarton Hwy. N. 4313 Skiers Approach
929- 81n .

932-5314