Select this button to record cash distributions from the Estate Account to a Beneficiary.
Note that if you have already synced the estate account with our platform, you do not need to log any transactions manually. Make the transaction in the estate account directly, and it will be automatically imported into our system for accounting purposes. Afterwards, the transaction will still need to be categorized.
This transaction is distinct from withdrawing cash from the Estate Account to make a payment towards the deceased's liabilities or the fees the estate incurs as part of the estate settlement process. This transaction will deduct the amount from the Estate Account and the Residual Estate Value and be logged as a Distribution to an heir. If the heir is a Universal Beneficiary, the amount will be taken from their share of the Residual Estate Value.
For more information on if a transaction should be logged to the Capital or Income Account, see here.
Important: although the executor can distribute assets prior to receiving the Clearance Certificate from the CRA, they must ensure that if they do, the estate is solvent, ie, that it has enough funds to cover all liabilities; by distributing assets prior to receiving the Clearance Certificate from the CRA, the executor becomes personally liable for any unpaid amounts, up to the value of the assets distributed, plus interest.