In this episode of The Tax Chick Podcast, I am joined by my friend and fellow professional, Michelle D. Coleman, to dig into a topic that every executor needs to understand: the tax implications that arise after someone passes away.

Michelle shares her expertise on the common questions and pitfalls that executors face when navigating taxes on death. Together, we walk through the fundamentals of estate administration, tax filings, and why early planning and communication are so important.

We cover:

• The different tax returns that may need to be filed (terminal T1 return, estate T3 return, and more).
• How the deemed disposition of assets works in Canada — and what it means for executors.
• Why personal property (antiques, jewelry, collections, etc.) can create unexpected tax issues.
• The importance of holdbacks, communication with beneficiaries, and managing expectations.
• Special considerations for non-resident beneficiaries and why CRA clearances matter.
• The often-overlooked rules around executor compensation and tax reporting.
• Building a collaborative team of advisors (lawyer, accountant, investment professional) to help executors succeed.

If you have ever wondered what happens from a tax perspective after someone dies, or if you have been named an executor and feel unsure where to begin, this episode will give you a clear roadmap of what to expect and why it is so important to get the right advice early on.

MORE ABOUT OUR SPECIAL GUEST:

• Michelle Coleman  

HERE ARE SOME OTHER WAYS TO CONNECT WITH ME:

• My website! 
• Email: [email protected]
• @tax.chick (IG) 
• LinkedIn
• Be a "Tax Chick VIP"