What are the consequences for NOT filing with the Minister of Finance?
Estate representatives who fail to file the Information Return as required, or who make false or misleading statements on the return, are guilty of an offence and, on conviction, are liable to a fine of at least $1,000 and up to twice the tax payable by the estate, or imprisonment of not more than two years, or both. An initial or amended Information Return that is filed after the deadline has lapsed can be assessed or reassessed at any time.
Initial Information Return – must be received by the Ministry of Finance within 90 calendar days after an Estate Certificate is issued.
Amended Information Return – when
- If, within 4 years of the issuance of an Estate Certificate, an estate representative becomes aware that any information given to the Ministry of Finance on an Information Return is incorrect or incomplete, an amended Information Return must be received by the Ministry of Finance within 30 calendar days of the estate representative becoming aware that the information is incomplete or inaccurate.
- If, an estate representative becomes aware of incorrect or incomplete information after 4 years has passed since the Estate Certificate was issued, there is no requirement to file an amended Information Return.
- The 4 year period is not extended following the issuance of a revised or succeeding Estate Certificate. Assets of the deceased are to be valued at the date of death.
- Consequently, any subsequent change in the value of an asset (e.g., as a result of a fluctuation in the real estate market) will not affect the value of the estate and will not require an amended Information Return.
You may send a letter setting out the corrected information, together with an explanation, rather than an amended return, if you are reporting a correction of any of the following information:
- type of application that was made by the estate representative
- date on which the Estate Certificate was issued to the estate representative
- court file number that is assigned by the court
- address of the court
- date on which the estate representative gave an undertaking, when an estimated value of the estate was used to calculate the deposit of tax, as required under subsection 3(4) of the Act and a copy of the undertaking
- the court order authorizing the issuance of an Estate Certificate prior to the payment of a deposit of tax, as referred to by subsection 74.13(3) of the Rules of Civil Procedure
- name of the deceased
- address – last place of residence
- date of birth
- date of death
- name and contact information of estate representative.
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