"Cowardice asks the question...is it safe? Expediency asks the question...is it politic? Vanity asks the question...is it popular? But conscience asks the question...is it right? And there comes a time when one must take a position that is neither safe, nor politic, nor popular but one must take it because it is right." ~Dr. Martin Luther King

Thursday 2 April 2015

A NEW SOURCE OF PROVINCIAL REVENUE

Hi Ev
here is yet another Provincial Liberal Tax Grab , I heard about this on a Toronto radio talk show yesterday which was the very first time I had heard word one about it , A funeral director from Bancroft called in to let Bill Carol in on this non publicised ghoulish tax , According to the director the tax rates have been increased and the time that the estimated worth of the deceased needs to be reported to the province is a mere 90 days  from the time of death or the appointed trustees are in default of the law , Quite rightly the funeral director pointed out that estates can be complicated and further complicated by grieving loved ones such that 90 days is incomprehensible , but no matter, the government wants what they believe is theirs whether your dead or alive , This dirty little tax secret seems to have slipped through everyone’s radar. High time it made the front pages !!
Who pays estate administration tax?
The tax is imposed on the estate of the deceased person.
The tax is paid as a deposit when the estate representative applies for a Certificate of Appointment of Estate Trustee with the Superior Court of Justice.
Cheques for paying the estate administration tax are made payable to the Minister of Finance.
Tax rates
The current tax rates are:
  • $5 for each $1,000, or part thereof, of the first $50,000 of the value of the estate, and
  • $15 for each $1,000, or part thereof, of the value of the estate exceeding $50,000.
Note: There is no estate administration tax payable if the value of the estate is $1,000 or less.
The estate administration tax is calculated on the total value of the estate. For example, for an estate valued at $240,000 the tax would be calculated as follows:
    • $5 per thousand for the first $50,000 of the estate
      • $50,000 ÷ $1,000 = $50
      • $50 X $5 = $250
Plus
    • $15 per thousand for the remaining $190,000 of the estate
      • $240,000 - $50,000 = $190,000
      • $190,000 ÷ $1,000 = $190
      • $190 X $15 = $2,850
For a total of $3,100 ($250 + $2,850) payable to the Minister of Finance.
View the table that lists the estate administration tax payable for estates valued between $1,000 and $5 million. Round the value of the estate up to the nearest thousand to see the amount of tax payable.
Filing an Application for Certificate of Appointment of Estate Trustee
For information about estates and applying for a Certificate of Appointment of Estate Trustee, visit the Ministry of the Attorney General's website.
Filing an Estate Information Return
Beginning 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. However, this does not apply to anyone who applied for a Certificate of Appointment of Estate Trustee prior to January 1, 2015.

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10 comments:

Anonymous said...

Bill Carroll is back ! thank you, Evelyn ! I can now return to the airwaves on my morning drive.

Anonymous said...

I am currently the very reluctant executor [ no one asked ] of an estate in BC. The cost of probate by the courts is a percentage of the value of the estate. About 1-2% I have been told. So far the province has not kicked in a demand but anything is possible in this mess.

Anonymous said...

To see the Town of Aurora sunshine list is very disappointing. High salaries, state of the art JOC that's what they get, and us tax increase. I don't see any fairness in this scenario. The Town of Aurora employees should pay for their own training.

Anonymous said...

Shelley Ware is amazing. The Easter egg hunt will likely be a muddy affair but she gets it right every time. Using Petch is great.
But, yes, 18:26, some of that suff is awful. If they are the best when we hire them, why do we have to pay for on-going education ? The ones at the top should train the newbies.

Anonymous said...

18:26- There are some directors and managers on that list that are worth the money that they're being paid, and some should be shown the door let alone getting on that list. I found a few that I had no idea even existed . I was shaking my head wondering what the hell warranted what that kind of money.

Anonymous said...

We keep Downey.

Anonymous said...

There was a comment made here a few days ago about this new way of collecting an estate tax. They also made a comment about how our new Mpp Chris Ballard hasn't communicated a word about this change. I'm not surprised about his silence. He's able to cower behind his majority government. Doing the right thing has always been a challenge for him. Expect more of the same in the next 3.5 yrs.

Anonymous said...

20:01



He does manage to find a woman to hide behind.

Anonymous said...

True!

Anonymous said...

Easter Eggs available & the sun is shining !!!