The already onerous task of acting as estate trustee now comes with additional risks and responsibilities; as anticipated, the Ministry of Finance has initiated the process for more detailed reporting and verification of the value of Ontario estates. Any time an application for a Certificate of Appointment of Estate Trustee is applied for through the Ontario courts, a corresponding Estate Information Return must be filed with the Ministry of Finance. As of January 1st, 2015, the Estate Information Return must be received by the Ministry of Finance within 90 calendar days after the date of issue of the Certificate of Appointment of Estate Trustee. The return will be used by the Ministry of Finance to enforce compliance with the Estate Administration Tax Act, 1998.

Ongoing compliance and accuracy in reporting is expected for four years after the Certificate of Appointment is granted. An estate trustee who, during those four years, subsequently discovers additional estate property must file a statement disclosing the subsequently discovered property with the court within six months of the discovery, and an Amended Estate Information Return must be received by the Ministry of Finance within 30 calendar days after the statement is delivered to the court. Additionally, where the initially filed Estate Information Return was inaccurate or incomplete, the estate trustee must file an amended return within 30 days of the discovery of the error.

There are four methods by which the Estate Information Return can be filed:

  • by mail to: Ministry of Finance, Advisory and Compliance Branch, 33 King Street West, PO Box 625, Oshawa ON L1H 8H9
  • by fax to: 1 866 888-3850
  • in person or by courier to: Ministry of Finance, 33 King Street West, Oshawa ON L1H 8H9, or
  • in person at select ServiceOntario locations.

This new requirement for an Estate Information Return does not apply to estate trustees who applied for a Certificate of Appointment prior to January 1, 2015.

Click here for a link to the new form.

If you require any assistance please contact Lou Alexopoulos at 416.977.5024 or by email at lalexo@sotosllp.com.