The Ministry of Finance now requires executors of an estate to file an Estate Information Return. This return is added to any income tax returns or probate applications that are the executors responsibility. A new ‘Estate Information Return’ (form 9955E) must be completed and received by the Minister of Finance within 180 calendar days after an estate trustee is appointed.

Suppose you have decided to take on the responsibility to organize your estate instead of getting assistance from a lawyer. In that case, the Estate Information Return is a problem that you may be faced with. Most people aren’t aware of the Estate Information Return, which can cause them problems in the long run. If an error is discovered when completing the return, further deadlines and potential fees are put into place.

If you didn’t use the services of AvoidProbate.ca to reduce or eliminate your probate issues, then you are likely going to be in the unpleasant situation of having to get the form completed and filed by a specific deadline, or face penalties.

Here are 3 frequently asked questions about the “new” Estate Information Return:

1. Who has to file the return?

Any person who receives an Estate Certificate (also known as Probate) after January 1, 2020, is required to file an Estate Information Return within 180 days. Effective January 1, 2020, Estate Administration Tax was eliminated for the value of all estates under $50,000. This means any estate valued at $50,000 or less will not have to pay probate taxes.

There are many exceptions when filing an Estate Information form; this is when the services of AvoidProbate.ca can put your mind at ease and prevent any unforeseen costs and headaches down the road.

Click here to find the up-to-date Estate Information Return forms on the Government of Ontario’s website.

2. Does every asset in your estate have to be included?

Here is a shortlist of assets that do not have to be included: 

1. Joint accounts or property
2. Insurance policies and RRSP designations that are not in the will
3. Debts
4. CPP Death Benefit
5. Real estate outside of Ontario
   

Assets like vehicles, investments, bank accounts, and real estate in Ontario must be included in the Estate Information Return form.

This form can be intimidating for those who are unfamiliar with the process and laws in Canada. Our estate planning experts at Avoidprobate.ca will have your affairs settled quickly and privately. 

3. When does the Estate Information Return form have to be filed?

You have 180 calendar days to file the information return once your estate certificate has been received. If the form is not filed correctly and sent in on time, you can receive a fine of up to $1,000. Also, estate trustees will now have 60 days to make amendments after becoming aware of any additional assets or changes needed. 

Filing the Estate Information Return form can turn into a costly and lengthy process. Our experts know probate laws like the back of our hands. Our team of experts have decades of professional planning experience and access to the best estate planning lawyers, accountants and advisors in the country.

We would love to hear about your situation and see what we can do for you. Best of all, we offer a free consultation!

Give us a call today and let us assist you with all of your estate planning needs.