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
What to do when a loved one dies
When people die, they leave behind a life that must be closed out. Don't tackle it all alone. From planning the funeral to tackling the legal & financial estate, here's an ultimate checklist of all the things an executor needs to do following the loss of a loved one.
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