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New tax scrutiny for Real Estate property estate sales

Here is some great information for everyone to consider when you've lost a loved one and their property is being sold as part of their estate. 


By:  Property law, Published on Fri Nov 28 2014


The Ontario government is cracking down on estate trustees who do not accurately declare the full value of a deceased person’s assets, including real estate.


Starting January 1, 2015, estate representatives who receive a court certificate of appointment as estate trustees — commonly referred to as probate — will be required to file an estate information return with the minister of finance. The return will be due within 30 days.

 

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