Commencing April 1, 2021, a simplified probate process will be available for small estates valued at up to $150,000 as an alternative to the current probate process.
Further to amendments to the Estates Act introduced through the Smarter and Stronger Justice Act, 2020, the Ministry of the Attorney General filed two regulations to establish this new process, which come into force on April 1, 2021:
Aimed at reducing costs and simplifying the process, the new rule 74.1 allows for a court issued Small Estate Certificate with the equivalent legal effect to a Certificate of Appointment of Estate Trustee, except that authority is limited to the estate assets specifically listed in the application.
Note: The small estates limit of $150,000 does not impact the Estate Administration Tax Act exemption limit of $50,000.
For additional information, please see the News Release here.