I blogged about Estate Information Returns on April 29, 2019 and what they mean for a recently appointed Estate Trustee.
There have since been a few changes to the obligations of an Estate Trustee in connection with an Estate Information Return.
Whereas the Estate Information Return had to be filed with the Ministry of Finance within 90 calendar days after a Certificate of Appointment of Estate Trustee (with or without) a Will was issued, that requirement is changed to 180 days since January 1, 2020.
Another important change is that whereas before January 1, 2020, an Estate Trustee had to file an Amended Estate Information Return within 30 calendar days of becoming aware of any information submitted that was inaccurate or incomplete, that period was increased to 60 days.
Since January 1, 2020, there is also no Estate Administration Tax payable on the first $50,000.00 of the Estate assets. The Estate Administration Tax is paid on the basis of $15.00 for every thousand dollars of the remainder of the Estate assets (i.e. above and beyond $50,000.00).
These changes are important because they allow an Estate Trustee more time to investigate the nature of the Estate assets and provide as accurate information to the Ministry of Finance, as possible.
A helpful guide from the Ontario government in respect of Estate Information Returns and the issues surrounding them can be downloaded here.
Thanks for reading!
Find this blog interesting? Please consider these other related posts:
The Estate Information Return and Multiple Wills
File Your Estate Information Return On Time
Estate Taxes and the 2019 Budget