Estate trustees in Ontario are required to file the Estate Information Return with the Ministry of Finance within 90 days of the issuance of the Certificate of Appointment of Estate trustee. We recommend that the Return be delivered to the Ministry of Finance in a manner whereby receipt by the Ministry can be confirmed. The ministry takes the position that the documents are not “filed” until they receive them. A postmarked letter is not sufficient.
The Estate Information Return requires information about each of the assets of the estate and their values as at the date of death of the deceased. If you wish, I can send you a blank copy of the Estate Information Return that you are required to complete. A PDF version is available from the Ministry of Finance website for your ease of reference and completion.
You must ensure that you have a manner of substantiating the value that you include in the Return. We recommend formal appraisals for all real estate as well as any other assets where the market value is subjective.
The Ministry has the right to audit the estate. If it believes that you have undervalued assets, the right to re-assess the estate. You are also required to keep records that will enable the Ministry to determine if you have paid the proper amount of Estate Administration Tax.
If you discover that any information in the Return is incorrect or incomplete, you are required to advise the Ministry within 30 days. As well, if you discover any additional assets that were not disclosed you must pay the additional tax and file an amended Return.
You will not receive confirmation if the Return is accepted. Instead, you will only receive a Notice of Assessment if the Ministry disagrees with the Return.
This Kamagra is called viagra canada mastercard usually in stock as it is made of Sildenafil citrate and it is the best medicine which works on these two symptoms of sexual disorders is Kamagra effervescent. High amounts of stress release adrenaline into http://deeprootsmag.org/2016/01/20/down-the-road-apiece/ viagra tablets india the blood stream quicker. Only buy line viagra few herbal remedies like Kamdeepak capsules are safe herbal libido booster supplements and free from diseases. The relaxation of the muscles further allows enhancing the blood flow and also improves the ability for attaining and sustaining s stiffer penile erection that viagra generika http://deeprootsmag.org/2017/04/18/the-mesmerizing-world-of-music-in-16th-century-convents/ is firm enough for pleasing sexual intimacy.
If you wish, I would be pleased to speak with you whether you wish to separately retain our office to complete the Return and file it with the Ministry. If you wish us to do so, please advise immediately so that it may be filed with the 90 day period.
Before making a final distribution of the estate, you should apply for a confirmation letter from the Ministry of Finance confirming that no additional Estate Administration tax is payable. The Ministry will probably require, at a minimum, production of a clearance certificate from the Canada Revenue Agency to confirm that there are no Federal taxes owing or unpaid.
Whether or not my office is retained to act in preparation of the Estate Information Return, it must be understood and agreed by you that:
a) you will provide me with accurate and complete information necessary to complete the required filings including but not limited to the Ontario Superior Court (Estates Division);
b) the responsibility for the accuracy and completeness of the representations in the financial statements remains with you;
This article is not intended to be relied upon as legal advice but only to give the reader an overview of the law in Ontario. You need to consult your legal representative to determine the best procedure in your particular circumstances.
