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Probate

What is Probate?

Probate is a court procedure that is used to validate the estate of a deceased person and the appointment of a person who will act as an executor for the deceased’s estate. Probate involves fees and can take years to complete. The province of Ontario charges and Estate Administration Tax on the estates of deceased individuals and this tax has come to be known as a “probate fee.”

Probate Fees?

The Ontario Estate Administration Tax, or probate fee, is assessed on the total value of a deceased individual’s estate, providing the estate’s worth exceeds the sum of $50,000. The actual amount of the tax is determined by calculating the financial worth of all assets belonging to the deceased at the time of death. Such items may include:

  • Property owned within the province (minus any encumbrances)
  • Automobiles, motorcycles, boats and other conveyances
  • Bank account funds
  • Stocks, bonds and other eligible investments
  • Any property or properties owned elsewhere

Other Fees are likely

Once an estate goes into probate it is almost always the case that a lawyer must be engaged to assist with the process, and this adds additional fees that the estate must pay. Probate may also necessitate the use of an accountant, a valuator or other professionals and there are costs to advertise for creditors and locate beneficiaries in some cases. These aspects of the probate process all create lengthy delays and add costs that reduce the ultimate value of the estate.

Probate Calculator

Probate Calculator

1 Real Estate in Ontario +
2 Bank Accounts +
3 Non-Registered Investments +
4 Registered Accounts +
5 Motorized Vehicles +
6 Personal Goods +
7 Business Interests +

Probate Fees*

Estimated Value of the Estate
 
 
This is the Estimated Value of the Estate.
Estimated Probate Fees
 
 
This is what you are likely to pay in Probate Fees.
Estimated Accounting Fees
 
 
This is what you are likely to pay in Accounting Fees.
Estimated Time Delays
 
 
This is the likely timeframe of delays which can occur.

How To Use This Calculator

Submit your numbers in each field to estimate the Estate Administration Tax (“probate fees”) payable in Ontario on your estate.

Step 1     Enter the value of the estate
Step 2     Enter other values
Step 3     Enter value of property owned within province (minus any encumbrances)
Step 4     Enter value of cars, motorcycles, boats and other conveyances
Step 5     Enter Bank account funds
Step 6     Enter Stocks, bonds and other eligible investments
Step 7     Press Calculate
Step 8     Get your Estimated Probate Calculation PDF sent directly to your inbox.

*This calculator provides an estimate only.
The actual amount of tax, which is settled by the estate, is determined by calculating the financial worth of all assets belonging to the deceased at the time of death.

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