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This true or false quiz will test your knowledge of estates. You may find some information worth sharing with clients.

  1. In Ontario, marriage revokes a will.
  2. In Ontario, divorce revokes a will.
  3. Canadians are taxed based on citizenship.
  4. Where more than two executors are appointed, they must act unanimously.
  5. Testamentary trusts are taxed at the same graduated rates as individuals.
  6. Common-law and legally married spouses are now treated equally for all purposes under the law.
  7. The 21-year rule refers to the period of time income may be accumulated in a trust.
  8. An executor of a Canadian estate who resides in the U.S. may be required to post a surety bond in order to act.
  9. A beneficiary may not act as executor of a will.
  10. A beneficiary may not witness a will.
  11. As a general rule, Canadians are deemed to have disposed of their capital property immediately after death.
  12. Read: Why clients may need multiple cross-border POAs

  13. In order for an executor to take compensation, he or she must obtain court pre-approval.
  14. An executor is responsible for filing the deceased’s terminal T1 return and any unfiled returns from previous years.
  15. An executor may incur liability for distributing an estate too quickly.
  16. An executor may incur liability for distributing an estate too slowly.
  17. Ontario’s Estate Administration Tax (EAT or “probate fees”) is levied on the net value of the deceased’s estate governed by the will.
  18. Holograph wills are valid in some, but not all Canadian provinces.
  19. A non-resident trustee may affect the residence of the trust for income tax purposes.
  20. Read: New rules for probating an Ontario estate

  21. If you die intestate, the government gets your money.
  22. The capacity thresholdfor marrying is lower than for making a will.

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