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My question is: Canadian-specific
QUESTION: how much iheratance tax on stright cash,is it only the probate tax or is there more,really want'd to find some more info but can't seem to.[British Columbia]
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david ingram replies:
We have no inheritance tax in BC or Canada or any other province, Probate fees in BC are quite high though
The fee is 1.4% of that portion of an estate in excess of $50,000 of value, and 0.6% for that portion of an estate valued between $25,000 and $50,000. For example, the probate and filing fees for an estate worth $250,000 are over $3,000.There is a flat fee of $208.00 for estates up to $25,000.
$208 up to $25,000
$6.00 per thousand from $25,000 to $50,000 and
$14.00 per thousand over $50,000 worth of assets.
In addition, the executro gets to charge up to 5% of the corpus depending upon the difficulty and, of course, there may be separate legal and accounting fees.
For an interesting example of a lawyer charging too much and disciplanry hearings of the law society, go to:
http://www.lawsociety.bc.ca/hearings/digests/body_hearings_digest_03-19(Motiuk).html
and
http://www.lawsociety.bc.ca/hearings/disc-reports/body_disc-report_motiuk.html
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