How is cryptocurrency valued for Ontario probate and estate administration tax purposes?

Cryptocurrency is valued for Ontario probate purposes the same general way as any other estate asset: at its fair market value as of the date of death, which is then included in the total value used to calculate Estate Administration Tax. There is no separate statutory valuation method written for crypto specifically; the same date-of-death principle that applies to stocks, real estate, and other property is simply applied to this newer asset type.

In practice, this means pulling a reliable price quote for the relevant date from a reputable exchange or pricing source and documenting exactly how that figure was determined, since cryptocurrency prices can swing significantly within a single day. Because valuations can be scrutinized, keeping clear records of the source, the exact time referenced, and the exchange rate used matters more here than it might for a more stable asset. Where a holding is large, illiquid, or hard to price precisely (an NFT, for example, has no continuous market price the way a major cryptocurrency does), a professional valuation may be worth obtaining. As with any estate asset, executors should be cautious about relying on estimates rather than documented figures, since the estate's Estate Information Return must reflect the value used to calculate Estate Administration Tax.