How do I value estate assets for the probate application in Ontario?

You value estate assets at fair market value on the date of death. The value you report drives the Estate Administration Tax, which is $15 for every $1,000 above $50,000.

Real estate is valued at its appraised value on the date of death, even if it later sells for more or less. Values must be supported by documents such as account statements or an appraiser's opinion, and a complex asset such as a business may need a professional appraiser. Gather statements and appraisals as early as you can.

What counts is broad: Ontario real estate (less mortgages or liens on it), bank accounts including foreign banks, investments, vehicles and vessels wherever located, property held in another person's name, business interests, and insurance paid to the estate. Some things are left out, including jointly held assets that pass automatically to the other owner, registered plans with a named beneficiary, and real estate outside Ontario. Only mortgages, liens and similar encumbrances on real property can be deducted, and only from that property's value, while credit card debt, funeral expenses and legal fees cannot. Anything unclear is worth confirming with a lawyer or accountant.