Sneaky revenue tools

[Hunter John]

http://nowplanb.ca/2015/03/local-fun...rs-seeing-red/

[mosquito]

All I can say is no matter how low you think the liberals have gone... this gov't goes further and faster. Ontario didn't want Hudak and austerity and they got more and more taxes and a still growing debt.

This EAT appraisal includes anything that is not passed directly to a spouse or passed through joint ownership. Assets that are being gifted to charities also need to be included in the valuation. The tax is then calculated and needs to be paid immediately to the Province of Ontario as a deposit. The calculation goes like this – $5 for each $1,000 of the first $50,000 and then $15 for each $1,000 of the value of the estate over $50,000. Baragar explains it this way – when a loved one dies and you are named as the executor of the estate, you apply for a Certificate of Appointment of Estate Trustee and then you have only 90 days to file your Estate Information Return. As soon as you file you have to pay the tax as a deposit. And if you don’t file there are serious consequences.

[M_P]

90 days to report.....can not be an estimate, must have appraisals. Gov't spokesman says executor's should be preparing ahead of time - oh, ok, like we all know when we are going to get smoked by a bus, not everyone has time to get their affairs in order. Just more "idiocracy" from Queen's Park

[werner.reiche]

All I can say is no matter how low you think the liberals have gone... this gov't goes further and faster. Ontario didn't want Hudak and austerity and they got more and more taxes and a still growing debt.

Greece doesn't want austerity either - but you know they are going to get it.
The longer it gets put off the more severe it will be when it happens.
Ontario voters are not very bright - that's it in a nutshell and no way to sugar coated.
Collectively, we're a bunch of idiots and get the government we deserve.

[terrym]

Prepare for worse. Much much worse. The imbeciles in Ontario have given them a majority mandate, after a history of fraud and incompetence. Boggles the mind.

[JJL]

AFAIK, but I could be wrong....
There is no new taxes, the only thing new is IF you apply for a Certificate of Appointment of Estate Trustee you must submit a form of evaluation within 90 days.
In Ontario, the estate administration tax has been imposed on estates that receive estate certificates since 1998. Before 1998, this tax existed in Ontario as probate fees for many decades.

[JBen]

Probate has always existed, and there are things you can do to minimize it. Executors are also entitled to 10% of the estates value. I've handled a couple estates and 90 days isn't "all that hard" unless its a complex situation. I'm guessing no-one wants my thoughts/insight , so can't/wont be bothered.

With respect to the state of things, there are only 2 sure things in life. Death and taxes.
http://news.nationalpost.com/full-co...from-the-grave

staggering.
http://www.thestar.com/news/queenspa...e-earners.html

111,000 people earning 100k or more.
Even if all earn just 100k flat, that's annual cost before benefits (nor does that counts the tens of thousands earning say 80-100k) of well over 11,000,000,000 (the rev each year is 110b)

Enough to wipe out the deficit.
Funny that

and for what its worth. Despite some of the gobsmaking numbers, I loved this gem.

Although teacher salaries top out around $90,000, the highest compensated was an elementary instructor with the Toronto District School Board at $199,663. Officials couldn’t say what accounts for the huge pay packet.

Me, I don't know what makes an Elementary teacher worth $200k. I don't know maybe 10,000 hrs of OT. But that no officials can account for how/why that person pocketed 200k (a familiar song around Queens Park) blows my mind.

Isnt that why they are supposed to be worth north of 100K?
**************************************

Back to this for a sec, as I'm guessing there might be those who assume things, or wont read the two articles and how they relate to one another.Especially now that tax hikes aren't as scary for politicians, and b) how bloody apathetic Ontarians seem to be (see what they've allowed this party to get away with)

From the Post article
[quote]Ontario’s Liberals have raised taxes regularly since gaining power in 2003, but have always scrupulously denied doing so. Admitting the truth, even in chronically apathetic Ontario, would have been too dangerous. But the alternative — getting a control on spending — has proved beyond their ability. Every spending measure has ballooned: spending has doubled, the debt has doubled, the deficit at one point had tripled. Moody’s Investment Services noted recently that the debt has worsened every year since 2009, a period during which the government was most fervently vowing to bring it under control. Since 2005-06 compensation costs for government employees have risen at triple the rate of inflation[/quote]


I know I hate "teachers" or coppers or am just a "high brow" that likes to....
/shrug

[mosquito]

Yeah the probates etc. have been there but I know with my Dad's estate it was probably a half year minimum before I got most of it sorted, to stick it at 90 days and penalties if you don't is purely nasty treatment, cheating, lying, criminal and now cruelty! Off the bottom of the chart low!