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ARTICLE · 22 NOVEMBER 2022

Multiple Assets? Ask Us About Multiple Wills

Macdonald Sager 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. While a single will may be sufficient in the ordinary course...

CanadaFamily and Matrimonial
Amanda Smyth
Amanda Smyth
Dominique Pangilinan
Dominique Pangilinan
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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. 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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