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GCSE, Green Chencinski Starkman Eles LLP Chartered Accountants, is a full-service, public accounting firm, primarily serving the small and mid-size, entrepreneurial business and professional sectors in Toronto Canada. GCSE’s experienced partners and professional, support staff strive to provide accounting and advisory services using an invaluable personal approach, designed to meet each client’s individual needs. This “personal touch”, combined with a full range of accounting, auditing, tax compliance and planning services allows GCSE to meet all your business and personal accounting requirements.

  Testamentary Trusts To Have Calendar Year Ends ?

Currently testamentary trusts are allowed to have year ends other than the calendar year end. This is often helpful, particular in the year of death. Without this, the filing dead line for an estate will be earlier than the filing dead line for the deceased’s terminal return. As a result, both returns will have to be completed by the end of March, often before all of the income slips may be available. Often, an estate will choose a non-calendar year end in order that its return may be completed after the deceased’s personal return.
The proposals concerning changes in the taxation of testamentary trusts and estates currently under consideration include a requirement that a trust created by will and an estate after the first 36 months of administration will be required to adopt a calendar year end. Affected trusts will likely be required to file two trust returns in the year of implementation of these rules, expected to be 2016.
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