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ARTICLE · 06 JULY 2023

Multiple Assets? Ask Us About Multiple Wills

Loopstra Nixon LLP
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"The only certain things in life are death and taxes (–Benjamin Franklin)," so it's a good idea to start thinking about estate planning.

CanadaFamily and Matrimonial
Dominique Pangilinan (Articling Student)
Dominique Pangilinan (Articling Student)

"The only certain things in life are death and taxes (–Benjamin Franklin)," so it's a good idea to start thinking about estate planning. While a single will may be sufficient in the ordinary course, there are some situations—like owning shares in a private corporation—where the use of multiple wills or "Dual Wills" can prevent you from paying more Estate Administration Taxes ("EAT," or "Probate Taxes") than necessary. In Ontario, 1.5% of the value of one's estate is taken in EAT. More specifically, $15 on every $1,000 of assets over $50,000. This can add up, especially when a significant portion of the assets in an estate do not need to be probated. It is important you have a lawyer assist you with your estate planning as payment of EAT may not always necessary.

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