Ontario Barrister and Solicitor Practice Exam

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What property categories are excluded from the calculation of estate administration tax?

  1. Real property outside of Ontario

  2. Stocks and bonds

  3. Vehicles registered in Ontario

  4. Bank accounts held in joint tenancy

The correct answer is: Real property outside of Ontario

Real property outside of Ontario is excluded from the calculation of estate administration tax because this tax only applies to the assets located within the province of Ontario. Stocks and bonds, vehicles registered in Ontario, and bank accounts held in joint tenancy are all considered real property and therefore would be subject to the estate administration tax. It is important to note that while bank accounts held in joint tenancy are subject to the tax, their value may be reduced by the amount of the joint account holder's contribution.

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