Estate planning in Etobicoke
Etobicoke is fifteen minutes from this office and legally a different world from Mississauga next door, because it is part of the City of Toronto and its estates are probated there.
What an estate in Etobicoke is usually made of
The pattern here is a long-held house in an established neighbourhood, often owned by the same family since before amalgamation, with adult children who cannot afford to buy in the area they grew up in. What the estate does with the house is the whole conversation.
The office is in Mississauga, at 45 Kingsbridge Garden Circle, Suite 609, and the practice is licensed across Ontario. There is no branch office anywhere else and this page does not pretend otherwise: meetings happen at your table, on the phone or on video, and the number is (416) 937-0347 wherever you are.
Call (416) 937-0347
What probate would cost on a $1,700,000 estate here
Ontario charges estate administration tax at nothing on the first $50,000 and $15 on every $1,000, or part of $1,000, above it. Take $1,700,000, which in Etobicoke is often one long-held house, which is most of the estate.
$24,750 is payable before the estate is distributed, not out of it. When most of an estate is tied up in one asset, and here it usually is, that is money the family has to find before anything can be shared out. Making sure it is there is most of what the planning does.
- The estate$1,700,000
- Less the first $50,000, which is not taxed$1,650,000
- Divided into thousands, rounding a part up1,650
- At $15 each$24,750
Where that usually starts in Etobicoke
Asked in Etobicoke
Is Etobicoke treated as Toronto or as Peel for an estate?
As Toronto. Etobicoke has been part of the City of Toronto since 1998, so an estate here is probated through the Superior Court of Justice in Toronto, not in Brampton with Peel. It is a common assumption to get wrong, because the border runs down the middle of a neighbourhood.
The house is worth far more than we paid. Is there tax on that?
Not on a principal residence, which is the good news and the part most people have heard. What there is tax on is everything else: registered accounts collapse into income in the year of death, and any second property carries its gain. The probate tax, separately, is calculated on the house's full value regardless.
Ehsan Khandaker is a licensed financial and estate planner, CLU and CHS. He is not a lawyer and does not draft documents. This page is general information about Ontario rules, not guidance about your own situation, and a will is drawn up by a lawyer.
Every area he works inThe first conversation is twenty minutes, and it costs nothing wherever in Ontario you are.