FOR IMMEDIATE RELEASE:
November 9, 2015
SIMCOE – The Liberal Government have voted down Leader of the Official Opposition Patrick Brown’s Private Member’s Bill, the Estate Administration Tax Abolition Act, which proposed the elimination of the so-called Death Tax.
The Estate Administration Tax – also known as the Death Tax – hits grieving families with tax bills payable on the net value of the assets of the deceased. 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.
This tax recently became more problematic for grieving families when the provincial government decided to make additional changes to the tax that have left families filing paperwork while still reeling from the loss of a loved one. Some of the changes include a 90-day filing period, and stiffer penalties for non-compliance, including potentially two years in jail.
“Under the Liberals, life in Ontario has become more and more unaffordable,” said Ontario PC MPP Toby Barrett. “There’s the HST, eco-taxes, health taxes, beer taxes, gas taxes and now the potential expansion of the land transfer tax on home buyers.”
Ontario has the highest graduated Death Tax of any province and territory in Canada. An estate in Ontario valued at $500,000 would pay $7,250 in tax; whereas that same estate would pay $65 in Quebec, $400 in Alberta, $2,500 in New Brunswick and $3,500 in Saskatchewan.
“Unfortunately, it’s becoming obvious the Wynne Government needs to increase taxes in order to pay for scandal, waste and mismanagement,” Barrett added. “Today the provincial Liberals and the NDP voted to continue taxing Ontarians to death, at death, and after death.”
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For more information contact
MPP Toby Barrett at 519-428-0446 or [email protected]