Leader of the Official Opposition Patrick Brown Seeks to Provide Much-Needed Tax Relief through the Estate Administration Tax Abolition ActPublished on November 02, 2015
QUEEN’S PARK - This morning, Leader of the Official Opposition Patrick Brown outlined his Private Member’s Bill, the Estate Administration Tax Abolition Act, which will provide much-needed tax relief through the elimination of the Estate Administration Tax in Ontario.
The Estate Administration Tax – also known as the death tax - is imposed on the value of the estate that belonged to the deceased at the time of his or her death. While the death tax was initially introduced as a probate fee designed to cover the cost of processing a deceased’s will and assets, over time it has ballooned into a burdensome, unnecessary and insensitive tax on Ontarians.
Ontario’s death tax is the highest of any province in Canada.
“Liberal taxes add thousands of dollars to the cost of living in Ontario every year,” stated Leader Patrick Brown. “People’s hard-earned assets are taxed multiple times throughout their lives. By the time someone dies, millions in taxes have been paid on savings and investments.”
The Estate Administration Tax Abolition Act would repeal the death tax, and allow for a probate fee of approximately $180 to continue to be charged to file the necessary court documents to administer the estate. By doing so, the bill would return the death tax to its original purpose as a probate fee, collecting enough money from the estate to allow the assets of the estate to be properly verified, and nothing more.
“My bill acknowledges that people pay more than enough taxes during their lifetime,” added Leader Patrick Brown. “It keeps Ontarians from having to sell the family business or farm, just to come up with money to pay the tax.”
Leader Patrick Brown’s Private Member’s Bill will be debated in the Ontario Legislature on Thursday, November 5th.
For more information and to sign the petition, please visit http://stopdeathtax.ca/.