Things you should know about the new Ontario Estate Administration Tax
- The regulations governing the probate process changed significantly on January 1, 2015.
- The probate process is now under the Ministry of Finance which has up to four years to audit an estate after a person’s death and can assess additional taxes as a result.
- A new ‘Estate Information Return’ (form 9955E) must be completed and “received by the Minister of Revenue within 180 calendar days after an estate trustee is appointed.
- New requirements and deadlines for filing almost certainly require the services of a lawyer.
- Penalties have been added to the Estate Administration Tax Act, to encourage compliance and include significant fines and even jail terms for executors who contravene the act.