Regulation - Minister
Information Required under Section 4.1 of the Estate Administration Tax Act, 1998
Regulation Number(s):
NA
Instrument Type:
Regulation - Minister
Bill or Act:
Estate Administration Tax Act, 1998
Summary of Decision:
The regulation has been approved with some changes which respond to comments received during the consultation period.
Further Information:
ONTARIO REGULATION 310/14
Proposal Number:
14-MOF024
Posting Date:
November 7, 2014
Summary of Proposal:
May 12, 2011 amendments to the Estate Administration Tax Act (Act) established the requirement to provide prescribed information about a deceased person (estate information) to the Minister of Finance in respect of applications for estate certificates within the prescribed time and manner.
The information to be submitted, timing and form of return is to be prescribed by regulation.
The proposed regulation will require estate representatives to submit an estate information return to the Minister of Finance for applications for estate certificates made on or after January 1, 2015. The return will be due no later than 30 days after the representative receives the certificate of appointment of estate trustee.
The application for estate certificates collects the total value of assets of the estate. The proposed regulation requires a breakdown of this total value of assets into a detailed list of assets. Other than this breakdown, the information required in the estate information return is already collected on application for estate certificates.
The regulation will require the following information to be submitted:
• Name, address, date of birth, date of death, marital status at the time of death and date of will (if there is a will) for the deceased;
• Detailed list of assets of the deceased and a description and the value of each asset;
• The amount of Estate Administration Tax, or deposit, paid by the estate;
• Information about the certificate of appointment of estate trustee, including the name of the estate representative, location and date on which application for certificate of appointment of estate trustee was made, and the date the certificate was issued;
• The date on which the estate representative gave an undertaking required under subsection 3 (4) of the Act and a copy of the undertaking, if the tax or deposit was calculated based on the estimated value of the estate; and
• Certain details of the court order, if the Superior Court of Justice issued the estate certificate under subrule 74.13 (3) of the Rules of Civil Procedure, without payment of a deposit required under section 3 of the Act.
An amended return is required to be filed no later than 30 days after the occurrence of the following events:
• The estate representative becomes aware that certain information given to the Minister of Finance is incorrect or incomplete.
• A full or partial refund of a deposit or tax imposed under the Act is received by the estate representative after giving the return to the Minister of Finance.
• Additional tax imposed under the Act is paid or an additional amount is deposited by the estate representative after giving the return to the Minister of Finance.
• After fulfilling the undertaking described in subsection 4 (3) of the Act.
• A statement disclosing subsequently discovered property of the estate is delivered under subsection 32 (2) of the Estates Act.
The information to be submitted, timing and form of return is to be prescribed by regulation.
The proposed regulation will require estate representatives to submit an estate information return to the Minister of Finance for applications for estate certificates made on or after January 1, 2015. The return will be due no later than 30 days after the representative receives the certificate of appointment of estate trustee.
The application for estate certificates collects the total value of assets of the estate. The proposed regulation requires a breakdown of this total value of assets into a detailed list of assets. Other than this breakdown, the information required in the estate information return is already collected on application for estate certificates.
The regulation will require the following information to be submitted:
• Name, address, date of birth, date of death, marital status at the time of death and date of will (if there is a will) for the deceased;
• Detailed list of assets of the deceased and a description and the value of each asset;
• The amount of Estate Administration Tax, or deposit, paid by the estate;
• Information about the certificate of appointment of estate trustee, including the name of the estate representative, location and date on which application for certificate of appointment of estate trustee was made, and the date the certificate was issued;
• The date on which the estate representative gave an undertaking required under subsection 3 (4) of the Act and a copy of the undertaking, if the tax or deposit was calculated based on the estimated value of the estate; and
• Certain details of the court order, if the Superior Court of Justice issued the estate certificate under subrule 74.13 (3) of the Rules of Civil Procedure, without payment of a deposit required under section 3 of the Act.
An amended return is required to be filed no later than 30 days after the occurrence of the following events:
• The estate representative becomes aware that certain information given to the Minister of Finance is incorrect or incomplete.
• A full or partial refund of a deposit or tax imposed under the Act is received by the estate representative after giving the return to the Minister of Finance.
• Additional tax imposed under the Act is paid or an additional amount is deposited by the estate representative after giving the return to the Minister of Finance.
• After fulfilling the undertaking described in subsection 4 (3) of the Act.
• A statement disclosing subsequently discovered property of the estate is delivered under subsection 32 (2) of the Estates Act.
Contact Address:
Estate Administration Tax Act
Personal Income & Payroll Tax Design
Ministry of Finance
Frost Building South
7 Queen's Park Crescent, 5th Floor
Toronto ON M7A 1Y7
Personal Income & Payroll Tax Design
Ministry of Finance
Frost Building South
7 Queen's Park Crescent, 5th Floor
Toronto ON M7A 1Y7
Effective Date:
January 1, 2015
Decision:
Approved