Tax liability is any amounts owed by individuals or corporations to their relevant governing bodies (Internal Revenue Service or Canada Revenue Agency). From the estate settlement perspective, executors must ensure all tax liabilities are resolved prior to making final disbursements to beneficiaries. An estate's tax liability should be known after filing the final tax return, however it is wise to keep records in case there are any challenges to the final tax return submission.
What you need to know
A probate guide written for people who aren’t lawyers
Probate is notoriously confusing. Small estate affidavits, formal vs. simple administration, executors & executrixes— there’s more than enough jargon to make your head spin. We get it, and that’s why we made a probate guide that actually tells you what you need to know without assuming anything. You’ll walk away with a tangible timeline, actionable next steps and real clarity on what probate actually means for you and your family.
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After all, being a fiduciary isn't something that's just learned— it's a mindset that's demonstrated, tested and enduringly earned.
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