Tax liability is any amounts owed by individuals or corporations to their relevant governing bodies (Internal Revenue Service or Canada Revenue Agency). From the estate settlement perspective, executors must ensure all tax liabilities are resolved prior to making final disbursements to beneficiaries. An estate's tax liability should be known after filing the final tax return, however it is wise to keep records in case there are any challenges to the final tax return submission.
What you need to know
What to say when a loved one dies
Losing someone you love is one of the most difficult and emotionally raw experiences life has to offer— which is why it's often difficult to find the right words to share with a loved one. Please use this comprehensive list as a trusted guide for sharing your deepest sympathies.
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