An executor can elect under subsection 159(5) to pay the tax owing under 70(2) (rights and things) and 70(5) and (5.2) (the deemed disposition on death). The election form (T2075) must be filed twice, once with the terminal return and once with the deceased’s TSO. A collections officer will contact the executor about “security acceptable to the Minister”, which will be determined in accordance with the revised policies set out in Information Circular IC98-1R8 (“Tax Collections Policies”).
STEP Round Table 2022, question 4, summarized in CCH Tax Topics no 2656 (January 31, 2023)
