Changes To Ontario Estate Tax Regulations Place New Burdens On Family Members

New estate rules went into effect in Ontario on January 1, 2015 that place additional burdens on estate representatives.  Ontario currently has the highest Estate Administration Tax (EAT) in Canada.  Under the old rules the local court would collect taxes based on a sworn statement made by the estate representative listing the property that belongs to the estate.  The new rules now make the estate’s representative apply for a certificate of appointment, and submit an “estate information return” to the Ministry of Finance within 90 days.  The representative must provide an appraisal and valuation of the property so that a breakdown of the fair market value of each asset owned by the decedent on the date of death can be included in the return.  Liability can also be imposed on the representative.

See Christine Van Geyn, Changes to Ontario ‘Death Tax’ Puts Additional Burden on Grieving Families, The Huffington Post, September 24, 2015.