| What Are Probate Fees? |
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Learn about probate fees in this short article.
Although there are no federal or provincial death taxes or succession duties levied in Canada, some of the provinces have introduced probate fees which are payable upon filing for the application of probate or administration. These fees apply to the value of the estate (i.e. they do not apply to assets transferred outside the estate such as those held in joint tenancy). For example, the fees in British Columbia currently top out at 1.4% of the value of the estate and even with certain basic exemptions, they will normally exceed 1% of the value of the estate. The fees can be significant if the value of the estate is substantial. Please contact us if you need additional information or if you would like some ideas on ways to reduce or eliminate probate fees. |
