Where in ProFile on the Final Return of a deceased widower, do I claim his Willed donation of his principal residence to a registered charity and RRSP to family member?

In his will, the deceased left his principal residence to a charity and his RRSP to his son.

1. Re: his residence:   I want to make sure I put this right value in the correct spot on the Donations sheet and am not sure if it goes in the details section at the top or down further in the donations summary on the "Gifts of depreciable property" line or maybe somewhere else.

Added info: the FMV is $250,000, ACB is 120,000 and his Net income is $275,000.

2.  Re: his RRSP  to his son:  I entered his T4RSP slip for $125,000 in box 34 "Deemed Receipt on Death",  but am not sure where to enter this willed amount to his son to offset it.

I hope someone can guide me in the right direction.

Thanks!!



Answer

Please don't take offense, but based on your questions you are clearly out of your depth with this, and should really seek some help with this return from someone familiar. There may be advantages to doing a Rights and Things Return as well and there may or may not be a need for a future trust return.

There is no place on the final return to transfer the willed assets to anyone. The RRSP is taken into income due to the deemed disposition on death, then it will be distributed by the Estate, it is not part of the T1 at all.

There is also no Gain on a principal residence of the deceased so the ACB is not needed. There should be a receipt/letter issued for the property by the Charity. 

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