While a number of strategies have sought to reduce estate administration tax since it was tripled in 1992, ultimately, the legal consequences and the overall estate plan have to be taken into account, Toronto trusts and estates lawyer Mary Wahbi writes in Lawyers Weekly.
“Pursuant to the Estate Administration Tax Act, 1998 on application for a certificate of appointment of estate trustee (a certificate) probate fees are calculated at 0.5 per cent for the first $50,000 estate value and 1.5 per cent on the balance. Any encumbrance on real property is deducted and if the application is limited to part only of the property of the deceased, only the value of that property is included,” writes Wahbi, partner with Basman Smith LLP.
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