Certified Financial Planner (CFP) Practice Exam · Question
In provinces like Saskatchewan, what is a key difference in probate fees compared to Ontario?
Saskatchewan's probate fees are relatively low compared to provinces like Ontario, particularly for larger estates. For instance, in Saskatchewan, the fee struc
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Question: In provinces like Saskatchewan, what is a key difference in probate fees compared to Ontario?
Answer options:
- Saskatchewan has a maximum cap on probate fees, regardless of the estate's size, unlike Ontario which has no specific cap.
- Saskatchewan's probate fees are generally a fixed percentage of the estate value, whereas Ontario uses a tiered system.
- Saskatchewan explicitly charges a fee for estates under $25,000, which is often exempt in Ontario. ✅ Saskatchewan's fees are typically significantly lower, focused on fixed charges rather than a percentage of value for larger estates.
Correct answer: Saskatchewan's fees are typically significantly lower, focused on fixed charges rather than a percentage of value for larger estates.
Explanation: Saskatchewan's probate fees are relatively low compared to provinces like Ontario, particularly for larger estates. For instance, in Saskatchewan, the fee structure is often a fixed amount for various tiers up to a certain value, and then a very modest percentage above that, generally making them significantly less burdensome than Ontario's uncapped percentage-based system for high-value estates.
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