CANADA TAX WORK SAMPLE $($approx$.60$ minutes to complete$)$

On April $19,2022,$ Mr$.$ John Doe, died at the age of $65.$

Aside from specific bequests, the Will named the following beneficiaries:

Mrs$.$ Jane Doe $($spouse$)-75\%$

Ms$.$ Janice Doe $($sister$)-25\%($a non$-$resident of Canada$)$

Mr$.$ Doe had the following assets when they died:

$1.$ Chequing account balance of $$10,000$

$2.$ Savings account balance of $$50,000$

$3.$ TFSA account balance of $$88,000$

$4.$ Principal residence with fair market value of $$800,000$ per an appraiser

$5.$ Non$-$registered investments valued at $$350,000$ with a book cost of $$100,000$

$6.$ RRSP valued at $$105,000$

$7.$ LIRA valued at $$35,000$

$8.$ Automobile valued at $$25,000$ with a book cost of $$35,000$

$9.$ Household effects valued at $$15,000$

$10.$ Mr$.$ Doe purchased a rental investment property for $$100,000$ in $2000.$ An appraiser

valued the property at $$400,000$ on the date of death.

Other notable items:

$1.$ Mrs$.$ Jane Doe found a T$4$ slip in the mail from Mr$.$ Doe$$s employer indicating Mr$.$ Doe

had been paid $$15,000$ in salary between January $1,2022$ and April $19,2022.$

$2.$ The Estate received a cheque from the employer for $$5,000$ for accrued vacation.

$3.$ The Estate received a T$5$ slip for $$250$ interest paid from Mr$.$ Doe$$s savings account.

$4.$ The rental property was leased the entire year for $$2,000$ per month.

Please proceed with outlining the considerations for filing the Final T$1$ and T$3$ Trust Income

Tax Return based on the facts above. What income would you include on the Final T$1?$ The

T$3$ Trust Income Tax Return? What additional information would you request from the

client?