Filing an Estate Information Return has recently been added to an executor’s already long list of duties and responsibilities. The executors (also called estate trustees) I meet with at my law office in the Kanata-Stittsville area of Ottawa have lots of questions about this. Below I will explore the basics of the EIR by answering some of the questions executors have asked me.
What is an EIR?
When a Certificate of Appointment of Estate Trustee (commonly known as probate) is issued by the Court, the executor is required to complete and file an EIR with the Ontario Ministry of Finance to report details of estate assets.
When does it need to be filed?
The EIR must be filed within 90 calendar days of the date that the Certificate was issued.
What gets reported on the EIR?
The EIR reports details of:
• the deceased,
• the Certificate of Appointment of Estate Trustee,
• the assets of the estate,
• how the date-of-death values were determined, and
• the amount of estate administration tax (EAT). EAT is commonly known as probate tax. In particular, the EIR confirms that EAT has been paid and that any balance owing has been filed in the Court where the Certificate was issued.
What if I later discover that the information reported on the EIR is wrong?
If you later discover that the date-of-death value of the estate assets is different than what you reported when you applied for the Certificate, the EIR must be amended and filed again. In addition, you will need to explain the change in value from what was initially reported.
My next blogpost will discuss EIR audits…a must-read for anyone acting as an executor.
Are you acting as the executor for a loved one and have questions about the EIR or any other questions about an estate? Call 613.836.9915 or email firstname.lastname@example.org to make an appointment to meet with me at our Ottawa law office. We will review the duties and responsibilities of an executor from tax filings to the EIR to distributing the estate to the beneficiaries to ensure you have all the information you need.
Blogs that pre-dated December 1, 2015 were originally posted by Neff Law Office Professional Corporation.