Death Duties

[Darts]

With all the talk about a "wealth" tax, could death duties be far behind?

What the lefties didn't get from you while alive, they will get the rest when you pass on. Neat. eh.

 

[Bagilson]

Just one more step in making us all serfs.

 

[bazokajoe]

With all the talk about a "wealth" tax, could death duties be far behind?

What the lefties didn't get from you while alive, they will get the rest when you pass on. Neat. eh.
View attachment 145099

Oh don't worry, they get your share or your estate pretty good when you kick the bucket. If you are single and kick the bucket the beneficiaries will be lucky to receive a nickel or 2.

 

[introvertedperv]

With all the talk about a "wealth" tax, could death duties be far behind?

What the lefties didn't get from you while alive, they will get the rest when you pass on. Neat. eh.
View attachment 145099

Sorry to burst your bubble but there is already an estate administration tax in Ontario and its not "lefties" who are responsible. The estate administration tax replaced probate fees in 1998 during the first government of Mike Harris who is not usually considered to be a "leftie" and the Court of Probate for Upper Canada was in place and functioning at least 200 years prior to that.

 

[Darts]

Sorry to burst your bubble but there is already an estate administration tax in Ontario and its not "lefties" who are responsible. The estate administration tax replaced probate fees in 1998 during the first government of Mike Harris who is not usually considered to be a "leftie" and the Court of Probate for Upper Canada was in place and functioning at least 200 years prior to that.

Probate is different than death duties (aka estate tax, inheritance tax).

"These taxes are levied on the beneficiary who receives the property in the deceased's will or the estate which pays the tax before transferring the inherited property. 1 Death taxes are also called death duties, estate tax, or inheritance tax."

How much are probate fees in Canada?

Province	Probate fees on $1 million	Probate fees on $2 million
Manitoba	$0	$0
Ontario	$14,250	$29,250
Quebec	N/A	N/A
New Brunswick	$5,000	$10,000

 

[bazokajoe]

Probate is different than death duties (aka estate tax, inheritance tax).

"These taxes are levied on the beneficiary who receives the property in the deceased's will or the estate which pays the tax before transferring the inherited property. 1 Death taxes are also called death duties, estate tax, or inheritance tax."

How much are probate fees in Canada?

Province	Probate fees on $1 million	Probate fees on $2 million
Manitoba	$0	$0
Ontario	$14,250	$29,250
Quebec	N/A	N/A
New Brunswick	$5,000	$10,000

I believe Probate Fees only apply to estates that don't have a legal will?

 

[Darts]

I believe Probate Fees only apply to estates that don't have a legal will?

I looked into this many years ago and concluded that probate is some sort of administrative fee. Don't remember if it applies only to people who die intestate.

Probate is not a tax or a death duty or an estate or inheritance tax.

Early in my professional career I assisted in several "estate freezes" to minimize the death duty on assets passing to the next generation. When the feds brought in a capital gains tax, the quid pro quo was the elimination of the estate tax although some provinces kept it for several more years.

 

[Indiana]

May as well spend it all.
You can’t take it with you.

 

[drstrangelove]

I believe Probate Fees only apply to estates that don't have a legal will?

It's the opposite. Probate fees are paid when the will is probated, that means determining it's the last will and testament, and authorizing the executor who was named in the will. That is assuming the will needs to be probated, ie the estate is large enough that account holders, the banks and investment firms, need a probated will before they will release the assets. If most assets are jointly held, things automatically pass to the survivor and the deceased person has no estate, therefore probate doesn't need to happen.

 

[Ponderling]

Presently wrapping up deceased SIL estate.

She left no will, so scads of paperwork on out end.

Wife just filed a form to be appointed administrator and we just sent a bank draft for 1% of our present estimate of the estate value

Of course once administrator status is granted we might find more funds at the institutions we know she dealt with.

 

[drstrangelove]

Presently wrapping up deceased SIL estate.

She left no will, so scads of paperwork on out end.

Wife just filed a form to be appointed administrator and we just sent a bank draft for 1% of our present estimate of the estate value

Of course once administrator status is granted we might find more funds at the institutions we know she dealt with.

When my SIL asked me to be her executor, I asked her for a listing of all pertinent information, location of will, bank accounts, pensions, etc etc. It's tough enough being an executor without having to chase things down.

 

[Darts]

The Trudeau trust fund(s). I think trust funds were one way to avoid/evade estate taxes.

"The Trudeau’s family fortune, and the foundation for Justin Trudeau’s eventual trust fund which affords him his life of admitted white “privilege,” began in 1934 when Charles-Emile Trudeau, son of a semi-literate farmer, known to his friends as “Charley,” eventual father of one PM and grandfather of another, sold his Montreal-area gas stations to the big boys of Imperial Oil."
BONOKOSKI: Trudeau's long-departed grandfather likely none too happy | Toronto Sun

 

[barnacler]

The Trudeau trust fund(s). I think trust funds were one way to avoid/evade estate taxes.

"The Trudeau’s family fortune, and the foundation for Justin Trudeau’s eventual trust fund which affords him his life of admitted white “privilege,” began in 1934 when Charles-Emile Trudeau, son of a semi-literate farmer, known to his friends as “Charley,” eventual father of one PM and grandfather of another, sold his Montreal-area gas stations to the big boys of Imperial Oil."
BONOKOSKI: Trudeau's long-departed grandfather likely none too happy | Toronto Sun

Just give your assets away ahead of time, if you don't need them.

 

[bazokajoe]

It's the opposite. Probate fees are paid when the will is probated, that means determining it's the last will and testament, and authorizing the executor who was named in the will. That is assuming the will needs to be probated, ie the estate is large enough that account holders, the banks and investment firms, need a probated will before they will release the assets. If most assets are jointly held, things automatically pass to the survivor and the deceased person has no estate, therefore probate doesn't need to happen.

You jogged my memory. I now remember when my mother passed away she had some money with an investment firm. She did have a will and everything was split between my brothers and I. But we had to get ok from the investment firm if they were good with just the wishes in the will or need probate ruling. The will was good enough for them.