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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.

  Relief For Loss In Value in RRSP/RRIF After Death

The fair market value of any RRSP or RRIF that a deceased person owned at the time of death must be included in the deceased’s final tax return except under certain limited circumstances. As it often takes a number of months before funds from these plans are finally distributed to the estate or the beneficiaries, the value distributed may differ from the value included on the final tax return. The estate or the beneficiaries must include any increase in the value on their respective tax returns.

The dramatic downturn of the financial markets over the last number of years mean that many taxpayers would be forced to pay tax on a value that has since evaporated. The loss in value between the date of death to the date of final distribution may be carried back and deducted against the year of death’s RRSP/RRIF income inclusion under certain circumstances.

In order to be eligible for the deduction, the plan must be would up by December 31 of the year following the year of death. It is possible to have the deadline extended if application is made to the Minister.
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