Sep 24, 2015
By Michael Kramer
Members of the Provincial Parliament have said no – to a private member’s bill that would have capped the province’s estate administration tax – at $3,200.
Progressive Conservative Monte McNaughton calls it a death tax on grieving families – amounting to another Liberal government cash grab – of approximately $147 million a year.
McNaughton says the Wynne Liberals made significant changes to the estate tax this year, including the threat of heavy fines and jail time for estate trustees – if an assessment isn’t filed within 90 days.
The New Democrats didn’t like McNaughton’s cap proposal – but they agreed the new 90-day limit is too onerous – for grieving families.
The NDP finally joined with the Liberals to defeat the Tory’s private member’s bill.
Deputy Premier Deb Matthews says McNaughton was just trying to reduce taxes for the wealthy.
But McNaughton says the death tax can amount to tens of thousands of dollars on family farms and small businesses – and that can force the next generation to sell.