New Tax Rules affecting Inheritance effective January 1, 2015

Senior Living

New rules affecting inheritance toNew Inheritance Rules effective January 2015ok effect on Jan 1st, 2015.  If you own a home, or investment property, or any other investment — you’ll want to read this article that appeared in The Toronto Star:

The Ontario government is cracking down on estate trustees who do not accurately declare the full value of a deceased person’s assets, including real estate.

Starting January 1, 2015, estate representatives who receive a court certificate of appointment as estate trustees — commonly referred to as probate — will be required to file an estate information return with the minister of finance. The return will be due within 30 days.

Court applications for probate only require the value of the estate assets to be provided in lump sum totals broken down into just two categories:

1) Real estate after deducting the amount of any outstanding mortgages;

2) Personal property, which is everything else, including…

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