Beginning this past January 1, 2015 an Estate Information Return must be received by the Ministry of Finance within 90 calendar days after a Certificate of Appointment of Estate Trustee has been issued.
The newly changed tax program requires an executor to assess, appraise and value any and all property owned at the time of death on a tight timeline. The tax is then calculated and needs to be paid to the Province of Ontario. The tax calculation is $5.00 for each $1,000.00 of the first $50,000.00 and then $15.00 for each $1000.00 of the value of the estate over $50,000.00
According to the Ministry of Finance, “estate representatives who fail to file an Estate Information return as required, or who make false or misleading statements on the return may be found guilty of an offence and, on conviction, are liable to a fine of at least $1,000.00 and up to twice the tax payable by the estate or, imprisonment of not more than two years or both.”
Sound overwhelming? Does that make you have second thoughts about taking on the responsibility of being an executor? I agree.
And so, on Thursday July 9th at 7:00 p.m., Jason Mallory of Kerr, Wood and Mallory will be offering a free seminar at the Blenheim Community Funeral Home to explain all of this. Anyone, regardless of your Funeral Service provider is welcome to attend…any one of us may be in the position to need this information at some point. It’s best that you understand it ahead of time instead of thinking that you’re doing everything right and then finding out that you didn’t.
We need to have an idea of how many people may be attending so that we can be prepared. Please give us a call at 519-676-9200 and let us know that you are coming.
Until next week,