The taxpayer had a registered retirement income fund worth $228,164 at his time of death, which the estate's tax preparers forgot to include in his terminal return. Graham J found that the Minister could reassess the taxpayer beyond the ordinary period, as the executor had been neglectful in only giving the return a cursory reading before signing it. An executor exercising reasonable care would have noticed the absence of the RRIF and made inquiries with the tax preparer (para. 31), given especially that the RRIF represented 70% of all assets distributed to the estate's beneficiaries (para. 32).
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executor failed to notice missing item in return worth 70% value of property to be distributed
d7 import status
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Node
Drupal 7 entity ID
334563
Extra import data
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"field_legacy_header": "<strong><em>Krenbrink Estate v. The Queen</em></strong>, 2014 DTC 1065 [at 2996], 2014 TCC 22 <strong>[executor failed to notice missing item in return worth 70% value of property to be distributed]</strong>",
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