Estate planning in Richmond Hill
Richmond Hill sits between the two problems on either side of it: the business succession question you find in Vaughan and the cross-border question you find in Markham, often inside the same family.
What an estate in Richmond Hill is usually made of
A professional or a small incorporated practice, a house that has appreciated hard, and parents or children in another country is a common enough combination here that it is worth planning for as one problem rather than three.
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 $1,500,000 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 $1,500,000, which in Richmond Hill is often a house and a professional corporation's holdings.
$21,750 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$1,500,000
- Less the first $50,000, which is not taxed$1,450,000
- Divided into thousands, rounding a part up1,450
- At $15 each$21,750
Where that usually starts in Richmond Hill
Asked in Richmond Hill
I am incorporated as a professional. Does that change the estate plan?
Substantially. A professional corporation holds retained earnings that are taxed differently coming out, the shares are usually restricted in who may own them, and the corporation cannot simply be left to a spouse who is not licensed. Getting the corporate and personal sides planned together, with your accountant in the room, is the whole job.
Where is a Richmond Hill estate probated?
In Newmarket. Richmond Hill is in York Region and all York estates are filed with the Superior Court of Justice there.
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.