Guelph519 837 2100 | 1 800 746 0685

Fergus519 843 1960 | 1 800 746 0685

Law Firm LLP

Contact Us:

Please contact our office directly to discuss your legal requirements or for more information on our services. If you wish to contact one of our lawyers directly please visit the Our Team page.

Guelph Office

105 Silvercreek Pkwy. N.
Suite 100 Guelph, ON N1H 6S4

Mailing Address

P.O. Box 1240
Guelph, ON N1H 6N6

Phone: 519 837 2100
Fax: 519 837 1617

Toll Free: 1 800 746 0685

Email: guelphinfo@smithvaleriote.com

Fergus Office

265 Bridge Street
Fergus, ON N1M 1T7

Mailing Address

P.O. Box 128
Fergus, ON N1M 2W7

Phone: 519 843 1960
Fax: 519 843 6888

Toll Free: 1 800 746 0685

Email: fergusinfo@smithvaleriote.com

Quick Contact

select

Sending an email to SmithValeriote LLP does not establish a solicitor-client relationship. Please do not send any confidential information to the firm unless a retainer has been confirmed. I Agree.

Submit     Cancel/Close

Smith Valeriote Lawyers Blog | Smith Valeriote LLP Law Firm Guelph

New Reporting Requirements for Estate Trustees

As of January 1, 2015 estate trustees are required to provide the Minister of Finance with detailed information regarding the value of the deceased’s assets. These new requirements are the result of a comprehensive new regulation to the Estate Administration Tax Act, 1998 (the regulation can be viewed at http://www.elaws.gov.on.ca/html/regs/english/elaws_regs_140310_e.htm).

Under the old regime, an estate trustee was only required to provide basic estimates pertaining to the value of the assets in a will. Trustees are now required to provide detailed information including supporting documentation. This includes, but is not limited to:

  • information about all bank accounts, including account numbers;
  • a breakdown of all investments, including the number of units held;
  • the full address of all real property and associated legal descriptions; and
  • the percentage of ownership that the deceased held in real property as a tenant-in-common

Importantly, this information must be received by the Ministry of Finance within 90 days of the appointment of the estate trustee. This forces trustees to aggressively gather information virtually immediately after the date of death.

Exactly how this new regulation will be enforced is still uncertain and only time will tell.

Despite making substantial changes, this new regulation does not affect legal practices surrounding multiple wills or joint assets. In other words, assets that are positioned to pass outside of an estate (thereby avoiding probate fees) will continue to do so. Legal pundits have long speculated that the government will eventually target these strategies, although, for now, they remain valid estate planning mechanisms.

The content of this article is intended to provide a general guide to the subject matter and is not legal advice. Professional advice should be sought regarding your specific circumstance.


The content of this article is intended to provide a general guide to the subject matter and is not legal advice. Specialist advice should be sought regarding your specific circumstance.

Author:
Lisa Gazzola

Date:
2015.02.06

Services:
Wills and Estates

Share:

Smith Valeriote Logo - Excellence in our Community

SmithValeriote Law Firm LLP has 30 lawyers servicing the province of Ontario including the communities of Waterloo, Kitchener, Fergus, Cambridge, Elora and Guelph.

Smith Valeriote - Map to Guelph Offices

Guelph Office

105 Silvercreek Pkwy. N.
Suite 100 Guelph, ON N1H 6S4

Phone: 519 837 2100
Fax: 519 837 1617

Toll Free: 1 800 746 0685

Email: guelphinfo@smithvaleriote.com

Smith Valeriote - Map to Fergus Offices

Fergus Office

265 Bridge Street
Fergus, ON N1M 1T7

Phone: 519 843 1960
Fax: 519 843 6888

Toll Free: 1 800 746 0685

Email: fergusinfo@smithvaleriote.com