Michael, residing in Ontario, recently passed away with a will. His estate includes a $500,000 investment portfolio, a $300,000 cottage held solely in his name, and a $200,000 bank account. What is the approximate probate fee payable in Ontario?

Question: Michael, residing in Ontario, recently passed away with a will. His estate includes a $500,000 investment portfolio, a $300,000 cottage held solely in his name, and a $200,000 bank account. What is the approximate probate fee payable in Ontario?

Answer options: ✅ Approximately $14,500

• Approximately $10,000
• Approximately $8,500
• Approximately $5,000

Correct answer: Approximately $14,500

Explanation: In Ontario, probate fees (Estate Administration Tax) are $5 per $1,000 for the first $50,000 and $15 per $1,000 for amounts exceeding $50,000. For an estate value of $1,000,000 ($500,000 + $300,000 + $200,000), the calculation is ($50,000 * 0.005) + ($950,000 * 0.015) = $250 + $14,250 = $14,500.