Maria, a 72-year-old widow living in Ontario, recently passed away. Her will names her two adult children as equal beneficiaries of her estate. Maria's assets include a principal residence (fair market value $900,000, adjusted cost base $200,000), an RRSP ($450,000, children named as beneficiaries), a non-registered investment portfolio ($600,000, adjusted cost base $300,000), and a GIC ($100,000, no beneficiary). Which of Maria's assets will likely be subject to probate fees in Ontario?

Question: Maria, a 72-year-old widow living in Ontario, recently passed away. Her will names her two adult children as equal beneficiaries of her estate. Maria's assets include a principal residence (fair market value $900,000, adjusted cost base $200,000), an RRSP ($450,000, children named as beneficiaries), a non-registered investment portfolio ($600,000, adjusted cost base $300,000), and a GIC ($100,000, no beneficiary). Which of Maria's assets will likely be subject to probate fees in Ontario?

Answer options:

• Only the principal residence and the GIC. ✅ The principal residence, the non-registered investment portfolio, and the GIC.
• The RRSP, the principal residence, and the non-registered investment portfolio.
• All of Maria's assets, including the RRSP due to the deemed disposition at death.

Correct answer: The principal residence, the non-registered investment portfolio, and the GIC.

Explanation: In Ontario, assets that pass through the will and require a Grant of Probate to be administered are subject to probate fees. The principal residence, non-registered investment portfolio, and GIC will pass through the will. The RRSP with a named beneficiary will bypass the estate and thus probate.