Ontario to Change the Way Probate Fees are Collected

Posted by: Myron Neufeld
ERAssure InsuranceIndustry ExpertsInsuranceInsuranceLegalMoney / InvestmentsProbateTax and AccountingTax and Accounting on June 1, 2011| Leave a comment

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The introduction of Bill 173 in Ontario is bound to change the course of estate administration.

Currently, when the executor named in a will applies to probate the will, estate administration tax is payable to the Minister of Finance based on the value of the deceased’s assets. However, due to amendments under Bill 173, the estate representative will be required to keep detailed records containing the information that will enable an accurate determination of the tax payable. Valuations will be necessary for all property passing under a probated will or where there is no will.

Executors can risk personal liability if subjected to a claim for negligence, and may want to consider insurance to safeguard against innocent tax mistakes made when administering the estate.

Full story at CCH Canadian.

Myron Neufeld

Myron Neufeld is a 25 year veteran of the life and property casualty insurance industry with over 20 years in a variety of senior roles. His extensive experience in product development, distribution models and information technology have provided him the opportunity to work with numerous national clients in the creation and implementation of new and emerging risk solutions. Much of Myron’s focus has been on non-traditional distribution models leveraging product, and technology while focusing on seamless process integration to minimize impact and expense and maximize program effectiveness. ERAssure® exemplifies this approach, bringing relevant product to a significant emerging risk in the transfer of wealth driven by the baby boomers of today.