The provincial government collects an Estate Administration Tax, also known as a probate fee, on the total value of that individual’s estate. New rules in Ontario introduced in 2015 entail additional costs and longer processing delays.
Avoiding Taxes on your Loved Ones’ Inheritance
If you are planning your own affairs with regard to leaving an inheritance to your loved ones, there are ways to simplify the process in order to avoid additional costs and long processing delays brought about by the new rules. Several low-cost methods of avoiding probate altogether do exist. When you avoid the probate process, you also avoid the probate fees and any associated legal and accounting costs. More importantly, your beneficiaries can obtain their inheritance within just 30 days rather than having to wait up to 4 years!
There are New Simple Solutions... We Can Help.
Contact our team of experts who can assist you with all aspects of your overall estate plan -- or just a few parts of it -- so that your affairs are set up in a manner that not only let's you avoid the actual estate administration tax (which reduces the amount you can leave to your heirs) but also ensures that your estate passes quickly and privately to those people and/or charities you wish to leave it to. Don't risk having it tied up in provincial red tape for months or even years!