How does the preferential share interact with a spouse's right to elect equalization instead in Ontario?

The preferential share and equalization are two different roads to the same fork, and a surviving spouse generally has to pick one rather than take both. On an intestacy, a surviving spouse's preferential share — currently $350,000 for deaths on or after March 1, 2021 — comes off the top of the estate before the remainder is split with children. But instead of accepting that intestate entitlement (or whatever the will provides), a married spouse can elect, within six months of death, to take an equalization payment of net family property under the Family Law Act.

Choosing equalization effectively steps outside the preferential share and intestacy scheme altogether — the spouse gives up what they'd receive under the will or on intestacy in exchange for the equalization amount instead. Which choice is better depends entirely on the numbers: the size of the deceased's net family property versus the value of the preferential share and residue share. If no election is filed within the deadline, the law treats the spouse as having taken under the will or intestacy by default. Because this is genuinely a one-or-the-other decision with a hard deadline, a surviving spouse should get legal advice promptly to compare both outcomes before time runs out.