HOW CAN I PAY PROBATE TAX?
When a probate application is filed with the Superior Court in Ontario, Estate Administration Tax (Probate Tax) has to be paid on the value of the estate. Often there are no funds available to pay the Probate Tax as the deceased person’s money is in bank accounts that have been frozen because of the death.
Banks are permitted to release funds to pay Probate Tax and most Canadian Banks will readily provide the necessary funds for Probate Tax. If the bank will not, you may have to bring a ‘Motion’ to the Court to defer the payment of the Probate Tax until the Probate Document (called a ‘Certificate of Appointment of Estate Trustee’) has been issued by the court.
CONTACT US
Feel free to contact us at any point for assistance or advice with respect to Estate Law, Estate Planning, Estate Administration or Estate Litigation. We may be reached at 705-435-4339 / 1-877-85LEGAL (1-877-855-3425) or contact us via email.
