From an email conversation at the law firm:
I thought I would highlight a recent change in the estates world. Amendments to the Estate Administration Tax Act, impacting the estate administration process, came into effect as of January 1, 2015. Anyone who applies for a Certificate of Appointment of Estate Trustee on or after January 1, 2015 is required to file an Estate Information Return with the Ministry of Finance within thirty (30) days of receiving the Certificate of Appointment back from the Court. See the following link to the Ont. Ministry of Finance’s website for details (near the bottom of the page) –
The changes appear to be an effort by the Minister of Finance to bolster Ontario government entitlements to probate tax and to crack down on estate trustees who are not forthcoming or are inaccurate in the declaration of the full value of the deceased person’s assets. Particular attention is being paid to the values listed/reported for real estate.
Thank you for the heads up on the timing.
They don’t call this tax “EAT” for nothing. It’s notable that the Ontario Government seems not to worry about the billions it blew on those contracts a few years ago under McGuinty and would rather pick the pockets of deceased citizens in Ontario. This is one more reason to think twice before agreeing to act as executor and estate trustee. I guess real estate appraisers will be happy.
I think the real answer is simply to die a pauper, something very easy to do, by the way…
That has been my estate plan for years.