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posted Oct 30, 2019 2:21:31 AM

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

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Level 5
Oct 30, 2019 2:21:32 AM

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."

1 Replies
Level 5
Oct 30, 2019 2:21:32 AM

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."