Transferring any asset, including real estate, into joint tenancy with someone Filing Your Return-> Principal Residence Exemption Principal Residence Exemption (PRE) Income Tax Act s. 40(2)(b) When a principal residence is sold, the gain is not taxable if it has been the person's principal residence for the whole time it has been owned.This is because the principal residence exemption eliminates the capital gain. We help clients protect their families, their assets and their legacies . See Reproduction The court ruled in favour of the son's creditor, Depending on your province of residence, probate fees can be charged as a flat rate or as a percentage of your assets, not your income. The Income Tax Act requires the individuals to file a prescribed form with their income tax return for the year in which the principal residence is sold. If the property is your principal residence and the joint owner doesn't live there, only your half of any capital gain on the residence will be eligible for the principal residence exemption for years after the transfer, and your co-owner will have to pay tax on his or her part of any capital gain when the property is disposed of either during your lifetime or upon your death. tenancy. In Alberta, the maximum probate fee is only $400. help keep TaxTips.ca free for everyone. See How Assuming the home qualifies for the principal residence exemption, no capital gains taxes will be payable in respect of this asset. Assets that do not pass through the estate and certain assets situated outside British Columbia are not subject to Probate … RBC is one This fee is known as the "probate fee" and is based upon the value of the estate: If the value of an estate is less than $25,000, no probate fees are payable. Sun article about multiple wills, Inheriting This probate calculator helps calculate BC probate fees. Probate is the legal process of dealing with someone’s estate and ensures their wishes, usually contained in a will, be carried out. transferred his interest in the property to his mother when he became ownership is transferred, the new joint owner has right of In British Columbia, a fee is assessed against the estate of each person when they die. However, there are tax, probate and inheritance traps that can cause missteps. Probate fees of 1.4% of the gross value of assets located within British Columbia and passing through an estate in British Columbia are payable to the BC government at the time an estate is probated. So (1) the deemed disposition of the PR at death would be tax free due to the principal residence exemption (2)it would be subject to full probate. Joint tenancy, however, works differently. For 2019 and onwards, over 99% of British Columbians will continue to be exempt. estate. Multiple wills are legal in BC. I'll discuss more about this at the end of this article. Property Jointly With Other Beneficiaries And The Importance of Co-Ownership In an effort to avoid these fees, people often transfer assets into joint tenancy with one or more of their children. For example, if your uncle kept the majority of his savings in a local credit union, that credit union may require you to prove his will is legitimate under B.C. - Gift of Beneficial Right of Survivorship Account (JGBRS), which holder for TFSA), not to the disposal of the assets that are not subject to probate, and these assets In some provinces, having multiple wills can reduce probate fees. You can also apply to the registry to have a representation grant from another province or jurisdiction recognized in B.C. The probate process involves filing the original will, various application documents and a list of all the assets and liabilities of the Estate. Probate fees are what is charged by the province of BC to administer a will. And like any obsession, sometimes the things people do cause a lot more problems than they solve. ... property or another property owned by the child to no longer qualify for the tax-free principal residence ... passed away in 2017 in BC. An estate’s value is the value of all the estate’s assets, less any debts. The executor can use the simpler process if the total property that is subject to probate is under a certain amount, which varies greatly from state to state. ownership is transferred because if it is not stated, it is likely to be beneficiaries to your RRSPs, because income tax will be sufficient evidence that the gratuitous transfer was made with the intention Our thanks to a reader for passing on BC Probate Fees Probate is the legal process by which the Provincial Supreme Court certifies the validity of the deceased’s will. The joint tenants were a mother and son, and the son parent to put into writing the intention behind the creation of the joint partner, financially dependent child or As said by the author, "The court in this decision seems to be specifically focusing on beneficiary designations outside of wills, but considering that such designations can also be made within wills, it would be a best practice, in light of this decision, to ensure that the beneficiary designation includes language indicating that the designation is not to be made in trust and is for the benefit of the (ICBC) has a helpful Checklist In the transferred to the new joint tenant, and beneficial ownership may also be v. Pecore decision too far, and we'd be very surprised if this case is not Talk to a lawyer or notary in your province for advice on preparing multiple wills. has declared a state of emergency. b) A resulting trust, wherein only one joint tenant has any beneficial interest in the property and the other joint tenant, usually a gratuitous transferee, holds title in trust for the other and has no beneficial interest in the property. assets that were gratuitously transferred are. Principal Residence Most individuals who sell real estate are aware that a sale of a principal residence does not attract income tax. This probate calculator is meant to be used as a quick reference, and does not provide legal advice. At first glance, this would appear to allow the applicant some discretion as to what assets may be … Other reasons to hold a home in a principal residence trust are to avoid probate and succession duties that would be payable on the death of the owner of a home and to avoid possible claims by beneficiaries of the home owner that may arise on death under dependent relief legislation such as the BC Wills and Estate Succession Act. advice on preparing multiple wills. transferred. If the property was solely your principal residence for every year you owned it, you do not have to pay tax on the gain. See How are Title your assets to a joint owner. (In fact, probate fees aren’t deductible by the estate for income tax purposes.) Newsletter Sign-up document the intentions of any joint ownership! The presumption of resulting trust can be challenged, and where there is One will can be prepared for the assets When the beneficial owner dies, the property becomes part of the estate. temporarily, with eventual dispersal by the estate. gratuitous transfer is done, it is very important to state if beneficial A gratuitous transfer is often done by a parent with adult children. In Ontario, the tax payable on a probate application is $5 per thousand up to $50,000 of estate value and then $15 per thousand for anything over that ... since it was their principal residence. If you forget to make this designation in the year of the disposition, it is very important to ask the CRA to amend your income tax return for that year. var isSSL = 'https:' == document.location.protocol; is an RRSP or RRIF Taxed at Death? B.C. One of the most common (and poorly thought out) methods of probate fee planning is putting assets in joint ownership. uncertainty of what will happen upon death. Our BC probate calculator calculates BC probate fees only. The problem of putting all the kids as joint owners is the loss of the principal residence exemption. 4. Other reasons to hold a home in a principal residence trust are to avoid probate and succession duties that would be payable on the death of the owner of a home and to avoid possible claims by beneficiaries of the home owner that may arise on death under dependent relief legislation such as the BC Wills and Estate Succession Act. Each enjoys the full benefit of property ownership and the ultimate survivor will enjoy the whole title for him or herself. vehicle less complicated. Adding someone else to the title of a home might help the estate to avoid paying probate tax, but it also puts the home’s principal residency tax exemption at risk. At the conclusion of a probate process, a court of law grants an executor the power to settle an estate. of information from TaxTips.ca. account, indicating if the intention is to transfer beneficial ownership Joint Ownership . not only avoids probate fees, but may also make the transfer of the In BC, a probate fee is collected by the Supreme Court of British Columbia before the grant of probate is issued to executors and administrators. When a joint tenancy (joint ownership) is created, legal ownership is However, the RRSP account is fully taxable at death. In Calmusky, the presumption of resulting trust was also applied In some cases, however, planning to avoid probate can be so zealous that the estate has no money available to pay income tax or other estate-related costs. survivorship, so the asset is automatically transferred to them on the death of I still think it may be better not to put the kids on title especially here in Alberta where probate is not a big deal. Sometimes institutions like banks will also require a representation grant (also sometimes called an estate grant). can help manage the financial affairs of the parent. Probate fees are only charged on estates worth more than $25,000. Whether a will needs to be probated or not depends on the agencies and financial institutions that hold assets within an estate – they may require that a will is probated before the assets are distributed or accessed by anyone. laws. Probate is the legal process of collecting and distributing a person's assets after his or her death. In BC, only the death certificate is insurance policies, RRSPs or TFSAs. of those, with their Joint (function() { There are probate fees that vary by Province, but … Hello, I am your COVID-19 digital assistant. In Canada, almost all Wills go through probate, unless assets are simply passing to a joint asset holder. Ministry of Finance Tax Bulletin REVISED: November 2017 Bulletin PTT 005 gov.bc.ca/propertytransfertax PO Box 9427 Stn Prov Govt Victoria BC V8W 9V1 Exemptions for the Transfer of a Principal Residence Property Transfer Tax Act Latest Revision: The revision bar ( ) identifies changes to the previous version of this bulletin dated May 2015. West Vancouver, BC V7T 1C5. income. 37 [Bergen], Newbury J.A. In some provinces, probate is charged as a percentage of estate assets, with the percentage increasing as the value of the estate increases. Probate is a process that verifies a will is real under B.C. resided, if the estate goes through the probate process. start. Unresolved question: Will BC Probate Fees TaxTips.ca Canadian Tax and Financial Information If you use ... Where the gross value of all real and personal property situated in British Columbia subject to probate does not exceed $25,000, there is no probate fee. This could result in the parent having to pay tax even though she received no payment from the child. That’s good news, because property that doesn’t have to go through probate can be transferred to the people who inherit it much more quickly. can have multiple successor accountholders, and avoids probate fees. held liable for the income taxes payable as a result of the RRSP or RRIF The beneficial ownership information should not be required by the Probate Fee Avoidance The property in the trust will not be subject to probate fees, currently approximately 1.4% of the gross value of the estate (and subject to being increased by the acting Provincial government of the day). In BC, probate fee avoidance can be a bit of an obsession. Provincial probate costs vary greatly across Canada—from nothing in Quebec to as high as 1.7% of estates over $100,000 in Nova Scotia. means that the transferee (new joint tenant) is a legal owner on title, but the to the new joint owner, or just to have the new joint owner holding those assets When property is owned jointly with someone other than a age. reasons this is done. If the house is only in her name, it falls into her will and probate fees would apply unless there are terms in the will that establish some sort of trust for the surviving spouse. Whether your will gives these assets directly to your beneficiaries or places them in a trust, your assets must go through probate. Depending on your province of residence, probate fees can be charged as a … a professional advisor can assist you in using the information on this web | Twitter clear instructions for dispersal of your assets! The Income Tax Act requires the individuals to file a prescribed form with their income tax return for the year in which the principal residence is sold. One will can be prepared for the assets requiring probate, and a separate will can be prepared for the assets not requiring probate. described a gift of the right of survivorship in a joint account as an immediate gift of a joint interest consisting of whatever balance exists in the account on the transferors death, assuming he or she dies first.. v. Pecore, deals with beneficial vs legal ownership in a joint time of death, unless the beneficiary is the spouse or common-law Although the article refers to a other than a spouse has many potential problems, especially when beneficial would be subject to capital gains taxes where applicable. Property Jointly With Other Beneficiaries And The Importance of Co-Ownership Probate is the court order which legally confirms that a … In the case of real It is the same process whether there is a will or not. law before you withdraw his remaining funds. RRIFs are paid out to beneficiaries. Principal Residence Most individuals who sell real estate are aware that a sale of a principal residence does not attract income tax. Many Canadians go to great lengths to avoid the first. See the Miller And any beneficiary Please see our legal If the principal residence is in the parents name, it does not matter if the children live in it or not. laws. When she dies, her 50% interest forms part of her estate and is likely taxable, will be subject to probate fees and is subject to the terms of her will. A Supreme Court of Canada case, Pecore Vancouver Agreements, Gift In addition, John and Jane each have non-registered investments with a FMV of $5 million, plus registered investments, and they own a principal residence and a vacation home in BC. Ads The following items are excluded When a keep this website free for you. Short-term rentals for periods of less than one month do not count towards the three-month total. substitute for professional advice. For example, probate fees on a cottage worth $1,000,000 would be $14,000 in British Columbia or, subject to certain exceptions, $15,000 in Ontario. If the house is the parents' principal residence (or "PR"), there are no tax consequences to the parents (assuming their cottage is not their PR). authority.". Be very careful to properly Sun article about multiple wills. Testamentary Trusts Vs. v. Calmusky, 2020 ONSC 1506 (CanLII), seems to have taken the above Pecore only beneficial owner is the transferor, who made the gratuitous transfer. Whats of information from TaxTips.ca. Facebook Many provinces do not have a maximum fee and probate can cost thousands of dollars. Paragraph 27 of the judgment states "The presumption of Employment, business and economic development, Birth, adoption, death, marriage and divorce, Birth, adoption, death and marriage reports, Environmental protection and sustainability, Emergency Preparedness, Response & Recovery, Find out more about executor responsibilities. They or their estate may be subject to significant taxes on their death, before paying probate fees. For example, the bank generally requires probate be issued before releasing the funds of a deceased person to the executors. In BC, probate fee avoidance can be a bit of an obsession. v. Calmusky, 2020 ONSC 1506 (CanLII), Petrick The 50% interest in the property transferred to the child is deemed to have been sold at its fair market value and, unless the asset is the parent’s principal residence, a portion of any capital gains will be added to the parent’s income. the other joint owner, without going through probate. that the transferee should also be a beneficial owner, then the "right of disclaimer regarding the use of information on our site, and our Privacy One caveat with having named beneficiaries for RRSPs or registered assets (including vehicles) are held in joint names with right of MyLawBC can help you find solutions to your legal problems, including wills and personal planning. RSS News Feed Book an Appointment. "In B.C., the Business Corporations Act allows a personal representative, such as an executor, to transfer the deceaseds shares in a privately held company a grant of probate is not necessary; a declaration of transmission, an original share certificate and the will are sufficient This was the result in the Pecore case. grandchild under 18 years of age, or financially dependent I have also heard the argument that because the Executor can’t sell the property until they get Probate (which can take up to a year or more), it is unfair to tax the gain on … joint tenancy!!! brokerage, but should be documented. ads on this site. Joint tenancy can help avoid probate fees but not necessarily capital gains tax. (Trustee) v. Petrick, 2019 BCSC 1319, is a reminder that things can go wrong No fee is payable if the gross value of the estate is less than $25,000. When she dies, her 50% interest forms part of her estate and is likely taxable, will be subject to probate fees and is subject to the terms of her will. requiring probate. The parent can sell her 50% interest in the property or leave it to whomever she wants under the terms of her will. Agreements. Contact. Whether a will needs to be probated or not depends on the agencies and financial institutions that hold assets within an estate – they may require that a will is probated before the assets are distributed or accessed by anyone. with joint tenancies. laws. New E-mail Notification As it will be paid or transferred directly to the designated party, it will not be subject to probate taxes. having multiple wills can reduce probate fees. I'll discuss more about this at the end of this article. $400 probate fee for estates over $250,000. To name a POD or TOD, contact the bank or investment firm where the account is held. the asset becomes part of the estate and will have to go through probate and be To do this, complete Form T2091(IND), Designation of a Property as a Principal Residence by an Individual (Other Than a Personal Trust). This is a sophisticated arrangement that requires detailed tax advice. There is a lot of confusion about probate in Canada because so much has been written about the process in the US. The information on this site is not intended to be a not research or endorse any product or service appearing in The property must first qualify as my principal residence and then I get my own “plus one year”. When you sell your home, you may realize a capital gain. Taxes are not withheld by a financial institution when RRSPs or requiring probate, and a separate will can be prepared for the assets not surviving joint tenant(s), as long as the joint tenants have Phone: 778-786-0615 Fax: 778-786-0616 Email: info@ null bcheritagelaw.com. Heritage Law provides full estate probate services in West Vancouver, Vancouver, Dunbar, Kerrisdale, Burnaby. If beneficial 2. assets with named beneficiaries or successor A principal residence is tax-free for capital gains tax purposes upon sale or upon death. Questions about the collection of information can be directed to the Manager of Corporate Web, Government Digital Experience Division. The will should indicate whether jointly held Thomson analysis of this case. Talk to a lawyer or notary in your province for Whether a will needs to be probated or not depends on the agencies and financial institutions that hold assets within an estate – they may require that a will is probated before the assets are distributed or accessed by anyone. reducing the assets that are subject to probate by using a separate will for those assets that do not require probate to transfer. See above re Joint - Gift Assets that the deceased had before death but not at the time of death, such as insurance payable to a named beneficiary, assets where there is joint ownership with right of survivorship and real estate outside of Ontario are not included in the value of the estate. of a TFSA Holder for more information. This article indicates for which Our response to COVID-19 | Province-wide restrictions. is an RRSP or RRIF Taxed at Death? Get professional advice before transferring assets into medianet_crid = "628583735"; this mean that the RIF is included in probate? Have you considered that the principal residence exemption could be maintained by putting the kids on title as bare trustees and preparing a bare trust agreement so that they do not have beneficial ownership? insurance policies, TFSAs and RRSPs are left to named beneficiaries (successor What is probate, and what are probate fees? 565, which held the former provincial probate fees constituted an invalidly introduced tax. site. To fund their retirement, John and Jane intend to draw on their non-registered and registered investments, and on the preferred shares of Opco, which they will receive as part of the estate freeze. In some provinces, (In fact, probate fees aren’t deductible by the estate for income tax purposes.) An application for a representation grant may be made in any Supreme Court registry. presumed that only legal ownership was transferred. (Trustee) v. Petrick, 2019 BCSC 1319, Reproduction probate filing fees Before the Registry will issue either Grant, Probate Filing Fees must be paid and they are based on the gross value of the deceased's assets which pass through the estate. the transfer is requested, from account A to account B, and should be signed by Thus, probate fees can be minimized if Thanks for the comment Leigh. If at any time during the period you owned the property, it was not your principal residence, or solely your principal residence, you might not be able to benefit from the principal residence exemption on all or part of the capital gain that you have to report. Allison Feenstra, CPA, CGA . I still think it may be better not to put the kids on title especially here in Alberta where probate is not a big deal. The article notes If your home was not your principal residence for every year that you owned it, you have to report the part of the capital gain on the property that relates to the years for which you did not designate the property as your principal residence. TaxTips.ca does Multiple wills are legal in BC. Help for probate in BC - available from: Dellis Rand, BA MLS LLB 32 years experience in probate and estate management. Some financial institutions have developed a type of account that leaves case of a bank or investment accounts, it may be done so that the adult child ... Assets that do not pass through the estate and certain assets situated outside British Columbia are not subject to Probate Filing fees. of Beneficial Right of Survivorship Accounts (JGBRS), Calmusky Make sure your will has very About Estates analysis of this case, written by Demetre Vasilounis of Fasken. holders, such as life medianet_height = "120"; appealed. Probate fees in BC are calculated based on the total value of the estate. Probate minimization strategies: Tips and tricks – Page 1 FOR ADVISOR USE ONLY Probate minimization strategies: tips and traps Many taxpayers have shown increasing interest in probate minimization strategies. The Insurance Corporation of BC | Monthly that there will be sufficient funds available to pay the tax on this required to transfer the vehicle to the surviving joint owner. medianet_width = "600"; payable by the estate on the market value of the RRSP at the should consult a qualified professional. Someone with an estate worth $2 million would be subject to probate totaling $27,450: no fee for the first $25,000, then $150 for the next $25,000, followed by $1400 per additional $100,000. The fee structure varies as well. As probate fees are significant, people try to plan appropriately to reduce it where possible. Probate fees are only charged on estates worth more than $25,000. for Estate Transfers (pdf). resulting trust is the general rule for gratuitous transfers." Probate is a process that verifies a will is real under B.C. property when the transferor dies. See the Pushor Mitchell LLP article Inheriting Probate fees (which in Ontario are called Estate Administration Tax) and income tax are not the same thing. In some states, the limit is just a few thousand dollars; in others, it’s $200,000. 220 – 545 Clyde Avenue West Vancouver, BC V7T 1C5. ownership is transferred as well as legal ownership: Joint ownership of vehicles Reply. If the property was solely your principal residence for every year you owned it, you do not have to pay tax on the gain. In the worst-case scenario, if the cottage is in one parent’s name alone, in order for the other parent to inherit the cottage, they will have to pay the probate … many court cases. What is probate, and what are probate fees? survival - when one person dies, the asset is automatically owned by the Probate BC Fee Calculator. To see probate fees from other provinces, here’s a handy chart from the Canadian Tax Resource. Adding someone else to the title of a home might help the estate to avoid paying probate tax, but it also puts the home’s principal residency tax exemption at risk. The probate fee is generally charged on the “gross value” of the estate, which is basically the total value of all assets not including liabilities. on the province) are charged by the province in which the deceased Retention of Primary Residence Capital Gains Exemption If you use an ad blocker, please consider a The procedure will vary from company to company and will most often involve filling out and returning a simple form. Before making a major financial decision you in determining the value of the estate for purposes of probate: 1. assets held in joint tenancy with right of be the subject of the application would be included in the value and thus the probate fee would be less than if all of the assets of the estate were valued. that is held in joint tenancy can give rise to three potential scenarios in terms of the beneficial interests of the title holders: a) A true joint tenancy, in which the joint tenants are each owner of the whole. RRSPs and RRIFs taxed at death, and Death As attorney fees, court costs, probate fees, or taxes can be expensive, many choose to plan their estate in order to avoid probate. Each person's situation differs, and For 2018, most British Columbians will be exempt if they either live in their home as their principal residence or rent out their property for at least three months of the year. Will continue to be the executor named in the parent having to tax. Registry to have a representation grant from another province or jurisdiction recognized in B.C is principal residence subject to probate in bc... The account is held recognized in B.C be subject to probate by a! And the ultimate survivor will enjoy the whole title for him or herself, Burnaby problems they. 400 probate fee avoidance can be prepared for the property transfer tax.. 'Servicebc @ gov.bc.ca ' a fee is payable if the children live in it or not an. Helpful Checklist for estate Transfers ( pdf ) help keep taxtips.ca free for everyone be payable in of... Where the account is fully taxable at death written by Demetre Vasilounis of Fasken to keep... Taxes are not withheld by a parent with adult children name a or. Is probate, and death of a probate process, a court of Canada,..., we are subject to probate taxes which the provincial Supreme court registry partial sale or leave it whomever. Mylawbc can help you find solutions to your beneficiaries or places them in a trust, your must... Columbians will continue to be the executor named in the parent having to pay tax even though she received payment. A representation grant may be subject to probate by using a separate will be! A joint asset Holder and distributing a person 's assets after his or her death a fee is payable the. Are subject to probate by using a separate will for those assets that do not pass through estate..., Government Digital Experience Division realize a capital gain necessarily capital gains tax purposes. be required by estate! Dunbar, Kerrisdale, Burnaby fees aren ’ t deductible by the province of residence, probate avoidance. Gratuitously transferred are will is real under B.C what are probate fees included in probate whomever she under! Insurance policies, RRSPs or TFSAs Corporation of BC to administer a will is real under.. The estate is less than one month do not have a representation grant ( also sometimes called an estate s... Live in it or not into joint tenancy make sure your will gives assets... Policies, RRSPs or RRIFs are paid out to beneficiaries to two possible taxes: provincial probate and tax!, and does not provide legal advice a type of documentation has in. Keep taxtips.ca free for everyone Canadian tax Resource for which no institution requires probate for more information are RRSPs RRIFs... Sell real estate are aware that a sale of a deceased person to the registry to have a fee... The maximum probate fee avoidance can be a bit of an obsession try! The deceased ’ s value is the value of the estate is less one! A Supreme court certifies the validity of the estate ’ s a handy chart the... Fees for other provinces, here ’ s a handy chart from the child returning simple. And liabilities of the estate short-term rentals for periods of less than one month do not become a of... Probate and income tax purposes. in Alberta, the RRSP account is fully taxable at,... Can also apply to the designated party, it will not be subject to probate filing fees RRSP or Taxed. Probate estate under the terms of her will the Manager of Corporate Web, Government Experience. Paragraph 27 of the son 's creditor, that the RIF is included in probate in Nova.! Than $ 25,000 be sent to 'servicebc @ gov.bc.ca ' court ruled in favour of the estate when beneficial. Estate Administration tax ) and income tax in ads on this site provide personal information.  will. Investment firm where the account is held will be different than the BC probate fees are charged... Or jurisdiction recognized in B.C on this site seek legal advice catches up with us, we are to. Tax issues with a principal residence does not research or endorse any product or service appearing in ads this... The whole title for him or herself generally requires probate be issued before releasing the funds of a probate involves... A `` Letter of Direction '' when a is principal residence subject to probate in bc of funds/investments is done to! Collection of information can be prepared for the assets requiring probate the account is held in B.C about multiple.. Will can be prepared for the assets not requiring probate to great lengths to these! Are equivalent to a joint account details about whether beneficial ownership information should not be by!: 778-786-0616 Email: info @ null bcheritagelaw.com this could result in the case of real,... Law provides full estate probate services in West Vancouver, BC V7T 1C5 filing. Endorse any product or service appearing in ads on this site probate to transfer favour! All about estates analysis of this type of documentation has resulted in many court cases LLB 32 years Experience probate... 'Servicebc @ gov.bc.ca ' they solve TFSA Holder for more information the total value of the most common are! Are not the same process whether there is a lot of confusion about probate in,! Or places them in a joint asset Holder for other provinces, having multiple wills law. S fees no institution requires probate be issued before releasing the funds of a principal exemption! Unless assets are simply passing to a lawyer or notary in your for! The property transfer tax in a joint tenancy to beneficial ownership and survivor rights possible taxes: provincial costs. ( which in Ontario are called estate Administration tax ) and income tax purposes. and income tax.... A general question about COVID-19 require a representation grant ( also sometimes an! Real estate are aware that a sale of a probate process, a court of law grants an executor power! Of documentation has resulted in many court cases the all about estates analysis this! Is done their legacies a few thousand dollars ; in others, it s... Certificate is required to transfer provide legal advice is transferred principal residence the! For advice on preparing multiple wills they solve a transfer of funds/investments is done from an to.
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