How Do You File the Estate Information Return After Getting a Certificate of Appointment in Ontario?
You must file the Estate Information Return with the Ministry of Finance within 180 calendar days after the estate certificate is issued, except that no return is required for succeeding estate trustee certificates or litigation certificates. You must file it even when the estate is worth $50,000 or less and no tax is owed. If the deadline falls on a weekend or holiday, it moves to the next business day.
Filing online is recommended, though you can also file by mail, courier, fax or in person. Keep the supporting records for four years at your principal place of business or residence. If information in a filed return turns out to be incorrect or incomplete, you must file an amended return within 60 days of becoming aware of it, within four years of the certificate being issued. Different timing applies for estimated values or assets discovered later.
Failing to file, or making false or misleading statements, can lead to a fine of at least $1,000 and up to twice the tax payable, imprisonment for up to two years, or both. The Ministry may reassess at any time if a return was late or a misrepresentation was made. Ask a lawyer or accountant what the return must contain for your estate.
Key takeaways
- The return is due within 180 calendar days after the estate certificate is issued, and a weekend or holiday deadline moves to the next business day, but no return is required for succeeding estate trustee certificates or litigation certificates.
- The return is required even when the estate is worth $50,000 or less and no tax is owed.
- If information in a filed return turns out to be incorrect or incomplete, an amended return is due within 60 days of becoming aware of it, and this duty applies within four years of the certificate being issued, with separate timing for estimated values and newly discovered assets.
- Failing to file or making false or misleading statements can bring a fine, imprisonment, or both, and the Ministry may reassess at any time if a return was late.