T4RSP - not received for client who died in 2015. Value of RRSP willed to sons. Can I enter the value at date of death anywhere?


3 people found this helpful

That is a tricky question.  If the deceased cashed in the RRSP, then the estate will receive a T4RSP, but if the decease died with the funds still in the RRSP, then the inheritors must claim the income from the estate.  The lawyer should have explained that.

The distribution of the estate will have to be declared to CRA when the estate makes a request for a TX19 Clearance Certificate.

If you're not familiar with final returns or estate distributions, you should consider referring the sons to someone with experience because a mistake could be very expensive for the inheritors in fines, penalties and interest.

Was this answer helpful? Yes No

No answers have been posted

More Actions

People come to ProFile for help and answers—we want to let them know that we're here to listen and share our knowledge. We do that with the style and format of our responses. Here are five guidelines:

  1. Keep it conversational. When answering questions, write like you speak. Imagine you're explaining something to a trusted friend, using simple, everyday language. Avoid jargon and technical terms when possible. When no other word will do, explain technical terms in plain English.
  2. Be clear and state the answer right up front. Ask yourself what specific information the person really needs and then provide it. Stick to the topic and avoid unnecessary details. Break information down into a numbered or bulleted list and highlight the most important details in bold.
  3. Be concise. Aim for no more than two short sentences in a paragraph, and try to keep paragraphs to two lines. A wall of text can look intimidating and many won't read it, so break it up. It's okay to link to other resources for more details, but avoid giving answers that contain little more than a link.
  4. Be a good listener. When people post very general questions, take a second to try to understand what they're really looking for. Then, provide a response that guides them to the best possible outcome.
  5. Be encouraging and positive. Look for ways to eliminate uncertainty by anticipating people's concerns. Make it apparent that we really like helping them achieve positive outcomes.

Select a file to attach: