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[00:00] OPENING MUSIC
[00:13] Welcome to a new episode of “Just a Minute” by Landmark Law. This episode is presented to you by Mabel on August 11 2023, to help educate our listeners on various legal scenarios.
[00:25] BELL CHIME
[00:27] This week’s topic introduces basic estate planning and estate administration taxes.
[00:33] In order to honour the wishes in a will and commence administration of an estate, the will must be probated or duly proven in court and a certificate of appointment of an estate trustee with a will must be granted. During this probate process, Estate Administration Taxes must be paid.
[00:51] The Estate Administration Taxes are generally calculated on the fair market value on all property owned in excess(ec-sess) of $50,000 at 1.5%. It is one of the highest estate administration tax rates in North America.
[01:06] The following are precluded from the calculation and are tax-free:
- joint property passing by survivorship;
- Insurance policies designating a beneficiary;
- real estate outside Ontario; and
- mortgages registered against title to real property.
[01:26] Landmark Law assists in Wills and Estates planning matters. Please feel free to book a 30-minutes consultation with us today at landmarklaw.ca/book
[01:33] CLOSING MUSIC