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BREAKING NEWS! DRAFT REGULATIONS UNDER THE ESTATE ADMINISTRATION TAX ACT PUBLISHED

By Leonard Bosschart, LL.B.
On November 7, 2014, in the late afternoon, the Ministry of Finance (Ontario) quietly posted draft regulations under the Estate Administration Tax Act (Ontario) (the “Act”) entitled “Information Required under Section 4.1 of the Act”. The draft regulations are open for consultation and so are not yet in final form. Moreover the forms referred to in the draft regulations have not been released. These are, apparently, still being drafted by the Ministry. Section 4.1 of the Act makes it the duty of every estate representative who makes an application for an estate certificate to give to the Minister of Revenue such information about the deceased as may be prescribed by the Minister of Finance. The draft regulations published on November 7 set out the information that the estate representative will be required to provide the Minister of Revenue and the time frame for doing so. As the draft regulations are subject to comment and, hopefully, revision before they take effect, here are a couple of highlights:  More…