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PMS1
New Member

Do you have to claim a Compensation fee as Estate trustee to a deceased person

 
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Do you have to claim a Compensation fee as Estate trustee to a deceased person

Yes, the compensation paid to you by the Estate are considered taxable income. Please refer to the CRA "Legal representative":  http://www.cra-arc.gc.ca/tx/ndvdls/lf-vnts/dth/rprsnttv-eng.html

To quote their page: "Unless included in your business income, trustee, executor, or liquidator fees paid to you for acting as an executor is income from an office or employment. As the executor, you must report these fees on a T4 slip. For more information see "Employment by a Trustee" in Chapter 1 of the T4001, Employers' Guide - Payroll Deductions and Remittances."

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Do you have to claim a Compensation fee as Estate trustee to a deceased person

Yes, the compensation paid to you by the Estate are considered taxable income. Please refer to the CRA "Legal representative":  http://www.cra-arc.gc.ca/tx/ndvdls/lf-vnts/dth/rprsnttv-eng.html

To quote their page: "Unless included in your business income, trustee, executor, or liquidator fees paid to you for acting as an executor is income from an office or employment. As the executor, you must report these fees on a T4 slip. For more information see "Employment by a Trustee" in Chapter 1 of the T4001, Employers' Guide - Payroll Deductions and Remittances."