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probate tax Tag

Dec 06 2019

Multiple Wills as a Strategy to Save on Probate Taxes

Having multiple Wills is one of the strategies used to reduce or avoid the amount of taxes payable by the estate on death (probate taxes).In Ontario, probate or estate administration taxes (the terms “probate tax” and “estate administration tax” are used interchangeably here) are payable by the estate of the deceased and are assessed based on the total value of the estate. In assessing the value of estate, all properties, including real estate, bank account, investments, intangible properties, business interests, and motor vehicles are included. Probate taxes are payable when the trustee or estate representative applies to the...

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