- If you find new assets, or learn the return was incorrect or incomplete, you must file an amended Estate Information Return within 60 days of becoming aware of it.
- Any extra tax is payable once the return is amended.
- Failing to file or making false or misleading statements can bring a fine of at least $1,000 and up to twice the tax payable, and possibly imprisonment.
Estate trustees sometimes learn after filing that the return was wrong. An old account may turn up, or a value you reported may turn out to be off.
This article explains when an amended Estate Information Return is required, how the deadline works, how values should be supported, and what happens if you do not correct it. A lawyer or accountant can confirm the details for your estate.
What the original return covers
The estate representative must file an Estate Information Return with the Ministry of Finance within 180 calendar days after the estate certificate is issued. It lists each asset and its value on the date of death, and it must be filed even if the estate value is $0.
Some certificates need no return at all, including a Certificate of Appointment of Estate Trustee During Litigation and a certificate for a succeeding estate trustee.
When you must amend and by when
If the representative finds new assets, or learns the return was incorrect or incomplete, they must file an amended Estate Information Return within 60 days of becoming aware of it. Any extra tax is then payable.
- A bank account or investment you did not know about.
- An asset you left off because you misunderstood what counts.
- A value that you now know was wrong or unsupported.
Records must be kept for four years. Keep the documents behind every value you report.
Getting the values and inclusions right
Assets are valued at fair market value on the date of death. 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 professional appraiser may be needed for complex assets such as a business.
A later sale price therefore does not by itself change the reported value of a property. Only mortgages, liens and similar encumbrances on real property can be deducted, and only from that property's value. Funeral expenses, legal fees, credit card debt and similar costs cannot be deducted.
| Item | Counted in estate value? |
|---|---|
| Jointly held assets that pass automatically to the other owner | No |
| Registered plans with a beneficiary designation or declaration | No |
| Real estate outside Ontario | No |
| Registered plans with no designation | Yes |
Risks of not correcting the return
A representative who fails to file the return, or who makes false or misleading statements, may be fined at least $1,000 and up to twice the tax payable by the estate. They may also face up to two years' imprisonment, or both.
The Ministry of Finance may assess or reassess the tax within four years after it became due, which is the day the certificate was issued. It may reassess at any time if a return was not filed or if there was misrepresentation or fraud. A Notice of Objection must be filed within 180 days of a Notice of Assessment.
What to do next
- Note the date you became aware of the new asset or error, because the 60-day period runs from then.
- Gather statements, appraisals and other proof of value as of the date of death.
- Work out any extra tax using the rate that applies to your certificate, and speak to a lawyer or accountant before filing.
- Keep copies of everything you file.
If you overpaid, a refund is possible only if the return was filed within four years of the certificate, and you must ask the Ministry of Finance within 12 years of the certificate or within 2 years of a Notice of Assessment. If the estate used the Small Estate Certificate process, that is a separate court step, and an Amended Small Estate Certificate is available only if the combined value stays at $150,000 or less.
Frequently asked questions
How long do I have to file an amended return?
You must file within 60 days of becoming aware of new assets or of an incorrect or incomplete return. Extra tax is then payable.
Is the deadline counted from the certificate date?
The original return is due within 180 calendar days after the estate certificate is issued. The amended return's period runs from when you become aware of the problem.
Does a later sale price change the reported value?
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.
What happens if I ignore a mistake?
A representative who fails to file or makes false or misleading statements may be fined at least $1,000 and up to twice the tax payable, and may face up to two years' imprisonment. The Ministry may also reassess at any time if there was misrepresentation or fraud.
Sources
- Ontario.ca – Estate Administration Tax — ontario.ca
- Ontario.ca – Probate of a small estate — ontario.ca
Links go to official government, court and regulator pages. The law changes — confirm you are reading the current version.
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