Passing of Accounts | reconciliation of the income, expenses, assets, and liabilities of the estate
taxescanada2011
2014-06-11
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Gary Booth CA Professional Corp.
#406 - 555 Burnhamthorpe Rd. | Toronto, On | M9C 2Y3
Tel: 416-626-2727 | Fax: 416-621-7136
E-mail: [email protected]
https://www.deceased-tax-returns-canada.com
What is the passing of accounts?
Passing of accounts is a reconciliation of the income, expenses, assets, and liabilities of the estate and will include the following 9 items:
1. A list of the assets for the estate on the DOD
2. A capital receipts account, which accounts for the gross receipts received on the sale, redemption, or maturity of the assets in the estate. The account also shows any capital gains received on the sale of investments
3. Capital disbursement account which accounts for the debts that have been paid against the estate account
4. Revenue receipts account showing all interest and dividends received and all other periodic payments that are normally considered to be income
5. Revenue disbursement account showing all payments made that are charged against revenue including tax payments and bank charges
6. Investment account that shows the money paid out in the purchase of securities and money received on sale of securities
7. Statement of all original assets and purchased securities that remained in the hands of the administrator at the end of the accounting period
8. Statement of all debts that are owing but not paid at the end of the accounting period
9. Administrator's claim for compensation. As you can see, a lot of information is required and we can help you prepare all the necessary documentation. For more information, phone us at 416-626-2727. You can also visit our website at deceasedtaxreturns.com or e-mail us at [email protected]. Thank you. We look forward to hearing from you.
#406 - 555 Burnhamthorpe Rd. | Toronto, On | M9C 2Y3
Tel: 416-626-2727 | Fax: 416-621-7136
E-mail: [email protected]
https://www.deceased-tax-returns-canada.com
What is the passing of accounts?
Passing of accounts is a reconciliation of the income, expenses, assets, and liabilities of the estate and will include the following 9 items:
1. A list of the assets for the estate on the DOD
2. A capital receipts account, which accounts for the gross receipts received on the sale, redemption, or maturity of the assets in the estate. The account also shows any capital gains received on the sale of investments
3. Capital disbursement account which accounts for the debts that have been paid against the estate account
4. Revenue receipts account showing all interest and dividends received and all other periodic payments that are normally considered to be income
5. Revenue disbursement account showing all payments made that are charged against revenue including tax payments and bank charges
6. Investment account that shows the money paid out in the purchase of securities and money received on sale of securities
7. Statement of all original assets and purchased securities that remained in the hands of the administrator at the end of the accounting period
8. Statement of all debts that are owing but not paid at the end of the accounting period
9. Administrator's claim for compensation. As you can see, a lot of information is required and we can help you prepare all the necessary documentation. For more information, phone us at 416-626-2727. You can also visit our website at deceasedtaxreturns.com or e-mail us at [email protected]. Thank you. We look forward to hearing from you.
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