Ontario releases new Estate Information Return
January 1, 2015, estate trustees (i.e., executors) in Ontario have additional
duties, with Ontario’s release of its Estate
Information Return. Part of the probate process, this new
return must be filed within 90 calendar days after a certificate of appointment
of estate trustee is issued. This return is not required where an
application for probate was made prior to January 1, 2015.
On the Estate Information Return,
the estate trustee will need to provide information on the Fair Market Value of
the assets forming part of the estate for estate administration tax (i.e.,
probate fee) purposes.
FAQ, Ontario has confirmed that certain assets are excluded from the value of
the estate for purposes of the tax. Excluded assets include “RRSPs,
RRIFs, TFSAs and life insurance policies where there is a living named
beneficiary”. (Please see the 8th point in the section entitled,
"Value of estate assets" in the FAQ)
return, as well as the Guide for completing it, can be accessed from the
Ontario Ministry of Finance’s web-site.
Also, in 2012,
when the proposed changes had been tabled, we prepared a summary of the changes
to the Estate Administration Tax Act in Probate Process – Ontario (7193).
Here, you will also find an example of how the legislation has impacted estate
More than ever, it’s
the right time to discuss segregated funds’ advantages, which include estate
bypass when a named beneficiary is designated. Contact your sales
office for more details.
Information provided by Standard Life