Canada has several major banks and many schedule II banks – but with rates and plans all over the map, it’s difficult to know where to bring your business. Our aim is to help you navigate Canada’s banking options to discover which one suits your needs best.
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Find the best mortgage rates in Canada + MORE Oct 22nd
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Is probate an inevitable cost for a surviving spouse?
– moneysense.ca
Q. My husband and I have lived in our principal residence for 40 years. The house is held solely in his name, and I am the beneficiary of his will. Would the house have to be included in probate of his estate, should he predecease me?
–Sandra
A. Your seemingly simple question has a historic twist pointing to the possibility of a second will, which makes it difficult to answer.Â
Let’s start by reviewing probate—what it is and why it exists, along with its relevance to other taxes.Â
Each province has its own version of probate and I am assuming your husband’s estate will be subject to Ontario probate rules. Â
What is probate?
Probate in Ontario is really called Estate Administration Tax (EAT), but everyone refers to it and knows it as probate. Probate is required if:
–Sandra
A. Your seemingly simple question has a historic twist pointing to the possibility of a second will, which makes it difficult to answer.Â
Let’s start by reviewing probate—what it is and why it exists, along with its relevance to other taxes.Â
Each province has its own version of probate and I am assuming your husband’s estate will be subject to Ontario probate rules. Â
What is probate?
Probate in Ontario is really called Estate Administration Tax (EAT), but everyone refers to it and knows it as probate. Probate is required if:
a third party, such as a bank or other financial institution requests it; or Â
legislation requires it before the executor can deal with certain assets, such as, in your case, real estate.
Why is probate necessary?
Once you have a probate certificate, all third parties, banks and other financial institutions will know the court has validated:
the will as the last valid will of the deceased; and
the executor of the will…
