Wills and Probate - UK and Canada
#17
Binned by Muderators
Joined: Jul 2007
Location: White Rock BC
Posts: 11,683
Re: Wills and Probate - UK and Canada
These all work in BC. They need to be planned because there may be adverse tax consequences that exceed the savings in probate fees.
#18
Re: Wills and Probate - UK and Canada
I am sure the poster is referring to reciprocal tax arrangements between Canada and The UK as to assets, capital gains, income tax...etc for non-residents.
There is no actual 'death tax' in BC for example akin to that in The UK.
However, an estate has to pay a probate fee (about 1.4% of total estate value) to the BC government to process a court application for probate. It is a 'tax' in reality. I am sure other provinces are the same*
Also, FWIW unless you are a native indian the federal government is not involved. Equally, there is no such thing as a federal 'Canadian' will.
*I may, or may not, be a dual UK/BC qualified lawyer. If I am, this is not legal advice as we have no retainer. If I am not, you are fololish to listen to me.
There is no actual 'death tax' in BC for example akin to that in The UK.
However, an estate has to pay a probate fee (about 1.4% of total estate value) to the BC government to process a court application for probate. It is a 'tax' in reality. I am sure other provinces are the same*
Also, FWIW unless you are a native indian the federal government is not involved. Equally, there is no such thing as a federal 'Canadian' will.
*I may, or may not, be a dual UK/BC qualified lawyer. If I am, this is not legal advice as we have no retainer. If I am not, you are fololish to listen to me.
Last edited by FirstRatofftheShipUK; Oct 16th 2014 at 5:56 pm.