What is an executor checklist for settling an estate in Ontario?
An executor's job follows a rough order: find the will, wind up the deceased's affairs, pay taxes, bills and other debts, and distribute what remains to those entitled. You are also not forced to act, because a person named as estate trustee in a will does not have to accept the role.
A practical order often looks like this. First, confirm you want the role and secure the will. Second, decide whether you need a certificate of appointment; if so, apply for probate and pay any Estate Administration Tax, which is nil for an estate of $50,000 or less and otherwise $15 for each $1,000 (or part) over $50,000. Third, within 180 calendar days of receiving the certificate, file the Estate Information Return. Fourth, keep accurate records of the assets and transactions in the estate.
Fifth, make sure the deceased's tax returns are filed and any balance owing is paid. Sixth, request a clearance certificate, as needed, before you distribute, and only after the required returns are filed and assessed. Finally, distribute and, if needed, pass accounts. Timing depends on the estate, so a lawyer can help you sequence the steps.
Key takeaways
- The core duties are finding the will, winding up the deceased's affairs, paying taxes, bills and debts, and distributing what remains.
- No Estate Administration Tax is payable on an estate of $50,000 or less; above that it is $15 for each $1,000 (or part) over $50,000.
- The Estate Information Return is due within 180 calendar days of receiving the certificate of appointment.
- Tax returns must be filed and balances paid before distributing, and a clearance certificate should be requested as needed.