What is a will?
A person’s will is a written document that sets out the person’s wishes about how his or her estate should be taken care of and distributed after death. It takes effect when the person dies.
What is an estate?
An estate is the property that a person owns or has a legal interest in. The term is often used to describe the assets and liabilities left by a person after death.
What is a trust?
A trust is created to hold property or assets for the benefit of a particular person called the beneficiary. It is managed by a person called a trustee, who has an obligation to deal with the property for the beneficiary of the trust. There are many different kinds of trusts .
How do I apply for death benefits?
For information on death benefits, you may contact Human Resources and Skills Development Canada (HRSDC) at 1-800-277-9914, delivered by Service Canada. An operator will be able to refer you to your local HRSDC branch and provide you with more information on death benefits.
How do I calculate the amount of the estate administration tax?
The estate administration tax is calculated on the total value of the deceased’s estate wherever situated, that is sworn/affirmed to on the application for a certificate of appointment of estate trustee under “Value of Assets of Estate”. The formula for calculating the amount of the tax is set out in the Estate Administration Tax Act, 1998 as follows:
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- $5 for each $1,000, or part thereof, of the first $50,000 of the value of the estate, and
- $15 for each $1,000, or part thereof, of the value of the estate exceeding $50,000.
