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Level 2
April 9, 2022
Question

T3 Estate Filing Requirement

  • April 9, 2022
  • 1 reply
  • 5 views

I have a deceased client who has the following income earned between the date of death and distribution of the estate: $450 in interest income, -$6,431.21 in capital losses, and $2,500 CPP death benefit. The estate was distributed within 4 months of passing. 

 

Is a T3 estate return required in this scenario? 

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1 reply

Level 7
April 9, 2022

Yes, either that or the beneficiaries have to report the interest income and CPP death benefit.  Also, check to see if you can carry the capital loss back to the terminal personal tax return.