Terminal Year


Terminal Year
The year in which an individual dies, in the context of estate planning and taxation. Terminal year is used in estate planning and taxation because special tax rules and handling of income and assets may apply during the taxpayer's final year. In Canada, the terminal year refers to the portion of the calendar year during which the individual was living, from the first of the calendar year (January 1) up to the person's date of death.

The terminal year is considered for tax and estate handling purposes. The deceased will be subject to tax liabilities on any income earned, or realized, during the terminal year, similarly to previous years of taxation. Certain deductions, income and assets may receive special tax treatment during the terminal year, as part of the estate taxation process. Certain tax forms are required to be filed for the terminal year of the decedent. In Canada and the United States, for example, the surviving spouse, executor or administrator of the estate must file a "final return" on behalf of the decedent.


Investment dictionary. . 2012.

Look at other dictionaries:

  • Terminal illness — is a medical term popularized in the 20th century to describe an active and malignant disease that cannot be cured or adequately treated and that is reasonably expected to result in the death of the patient. This term is more commonly used for… …   Wikipedia

  • terminal — ter‧mi‧nal [ˈtɜːmnl ǁ ˈtɜːr ] noun [countable] 1. a large building that is part of an airport, bus station, or port, where people wait to get onto planes, buses, or ships: • Your plane leaves from Terminal 4. 2. COMPUTING a piece of computer… …   Financial and business terms

  • Terminal Lance — The logo for Terminal Lance Author(s) Maximilian Uriarte Website …   Wikipedia

  • Terminal burrowing — can be identified in reports of hypothermia deaths, but has only recently been given a name. It is a behavior pattern observed in the last stages of hypothermia whereby the afflicted will enter small, enclosed spaces, such as wardrobes, cupboards …   Wikipedia

  • Terminal value (finance) — This article is about finance concept. For other uses, see Terminal value (disambiguation). In finance, the terminal value (continuing value or horizon value) of a security is the present value at a future point in time of all future cash flows… …   Wikipedia

  • Terminal Velocity (video game) — Infobox VG title = Terminal Velocity developer = Terminal Reality publisher = 3D Realms distributor = FormGen designer = engine = version = released = May 1, 1995 genre = First person shooter modes = Single player, Multiplayer ratings = RSAC: V1 …   Wikipedia

  • terminal reserve — Reserve Re*serve , n. [F. r[ e]serve.] 1. The act of reserving, or keeping back; reservation. [1913 Webster] However any one may concur in the general scheme, it is still with certain reserves and deviations. Addison. [1913 Webster] 2. That which …   The Collaborative International Dictionary of English

  • Terminal Power Company — Infobox musical artist 2 Name = Terminal Power Company Img capt = Terminal Power Company : circa 1993 Background = group or band Origin = UK Genre = Cyberpunk Alternative rock Industrial music Alternative Years active = 1989 ndash;1995 Label =… …   Wikipedia

  • Terminal Services — Infobox Software name = Terminal Services developer = Microsoft operating system = Microsoft Windows, Mac OS X latest release version = 6.0.6001.18000 latest release date = February 4, 2008 use = Remote Desktop Access license = MS EULA website =… …   Wikipedia

  • Terminal Island — For other places with the same name, see Rattlesnake Island (disambiguation). Terminal Island Isla Raza de Buena Gente Rattlesnake Island Terminal Island, which includes Federal Correctional Institution, Terminal Island …   Wikipedia