Written by Ron Cooke, President & Founder of Strategic Wealth Protection Partners in Ontario
At what value does an estate need probate in Ontario?
In Ontario, estates valued over $50,000 generally require probate to confirm the executor’s authority to manage and distribute the assets.
Smaller estates may not need probate, especially if assets are jointly held or have designated beneficiaries. However, specific requirements can vary based on the type of assets and institutions involved.
When does an estate have to go through probate in Ontario?
An estate must go through probate in Ontario if it includes assets that require legal confirmation of the executor’s authority.
Examples of this include real estate solely in the deceased’s name or financial accounts without named beneficiaries. Probate is also necessary when institutions, such as banks, demand a Certificate of Appointment of Estate Trustee to release funds.
Is probate required if there is a will in Ontario?
Yes, probate may still be required even if there is a will in Ontario.
The probate process validates the will and confirms the executor’s authority. However, assets like jointly held property or accounts with designated beneficiaries can bypass probate, reducing the need for this legal step.
How much does probate cost in Ontario?
The cost of probate in Ontario is based on the estate’s value.
The Estate Administration Tax is $15 per $1,000 for estate values over $50,000, plus $5 per $1,000 for the first $50,000. For example, an estate worth $500,000 would incur approximately $7,000 in probate fees. Legal and administrative fees may add to the overall cost.
How do I avoid probate in Ontario?
You can avoid or minimize probate in Ontario by holding assets jointly with rights of survivorship, naming beneficiaries for registered accounts, or transferring assets into a living trust.
Additionally, using multiple wills to separate probateable and non-probateable assets can reduce costs. Consulting with an estate planning professional ensures these strategies align with your specific situation and Ontario’s regulations.
Avoid Ontario’s Hefty “Death Tax”
While Ontario doesn’t have a direct estate tax on your total net worth, income tax on capital gains and deemed dispositions can have a significant impact on your estate.
These taxes can dramatically reduce the wealth you pass on to your loved ones. For instance, assets like real estate (excluding your principal residence) and non-registered investments are deemed sold at fair market value upon death.
The resulting capital gains are usually taxed at Ontario’s highest marginal tax rate, which exceeds 53.53% (2024).
Here’s an example: If you have an RRSP or RRIF worth $1,000,000, the government could take $535,000 in taxes upon your death. That’s more than half of your hard-earned savings—gone to taxes, not your family. And that’s before factoring in additional costs like probate fees, executor fees, legal fees, and accounting fees. What will be left for your family?
Did you know that some of your assets may even face double taxation? Without proper planning, the total financial burden on your estate could be staggering.
Simple Steps Can Save You Millions
With our Living Estate Plan, you can not only minimize taxes but also protect and even grow your wealth. Our proven strategies help shield your assets, ensuring more of your legacy goes to your loved ones—not the government.
Discover How to Minimize Taxes and Secure Your Legacy
Did you know that without a solid estate plan, taxes and fees in Ontario could claim a significant portion of your wealth?
If you’ve worked hard to build your business, investments, and properties, protecting your legacy for your loved ones is critical. At Strategic Wealth Protection Partners, we specialize in helping high-net-worth individuals in Ontario secure their financial futures.
Our Living Estate Plan is designed to:
- Reduce estate taxes and probate fees.
- Simplify wealth transfer to your loved ones.
- Reflect your values and priorities in every detail.
Your Legacy Matters
With our personalized guidance, we’ll help you navigate options like Living Trusts to protect your assets and ensure your family’s peace of mind. Contact us today to book your Living Estate Plan Consultation and take the first step toward a secure future.
Schedule a Living Estate Plan Consultation
Planning your legacy is about more than numbers—it’s about ensuring your family remembers you and your values are honoured for many years to come.
Estate planning and trusts can feel overwhelming, especially if it’s your first time. That’s why we’re here.
With our simple, 5-Step Living Estate Plan, we make the process easy, helping you create a comprehensive estate plan or trust that protects your assets from taxes and probate fees while preserving your legacy. Tools like The Final Word Journal capture your story, wishes, and essential details like accounts and end-of-life plans, ensuring your family has clarity and comfort.
Take the first step today—schedule a consultation call and give your family the ultimate gift: peace of mind and the assurance they were always your priority.
Read More
If you’re starting your estate planning process, you may find these articles helpful:
- When You Inherit a House, Is It Taxable in Ontario?
- Do Trusts Pay Taxes in Canada?
- How to Avoid Inheritance Tax in Canada
- Navigating Tax Deductions for Life Insurance Premiums
About the Author
RON COOKE, PRESIDENT & FOUNDER OF STRATEGIC WEALTH PROTECTION PARTNERS
With over 30 years in financial services, I’ve seen the challenges families face when a loved one passes—lost assets, unnecessary taxes, and emotional stress. That’s why I created the Living Estate Plan, a comprehensive process to protect assets, eliminate estate and probate fees, and create legacies that are remembered for many years to come.
This plan ensures your family receives not just your wealth, but a meaningful reminder of your care and love. Tools like The Final Word Journal capture your story, wishes, and essential details, offering clarity and comfort during difficult times.
Your final gift should be more than money—it should be peace of mind, cherished memories, and an organized estate.
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Schedule a 30-minute consultation call with Strategic Wealth Protection Partners. Click HERE to schedule a consultation.
