Landmark Law 647.797.8LAW (8529)
  • Home
  • About
  • Client Stories
  • Services/Fees
    • Real Estate
    • Wills and Estates
    • Business Law
    • Immigration
    • Offshore Advisory
    • Fees
  • Articles/FAQ
  • Contact

Articles 文章

Trustees Statutory Compensation

7/5/2014

0 Comments

 
By Winnie J Luk

Under s. 61(1) of the Ontario’s Trustee Act, Executors and trustees are entitled to be compensated for their work in the administration of estates.

The Act contains no specific rules as to the calculation and amount of the compensation. However, the courts generally applies the following tariff, which may only be reduced or increased under special circumstances:

(a)                2.5% to 3% of capital receipts;

(b)               2.5% to 3% of capital disbursements;

(c)                2.5% to 3% of income receipts;

(d)               2.5% to 3% of income disbursements; and

(e)                for ongoing trusts, 2/5 of 1% or 3/5 of 1% of the average annual market value of the trust assets as the fee for ongoing care and management, and 5% to 6% of income generated by the trust.

It is preferable that compensation be paid on a regular basis to avoid a heavy tax burden on the trustee and to ensure a more even cash flow in the estate.

The following circumstances are proper to be taken into consideration in fixing the amount of compensation payable to an executor and trustee:

(a)                the magnitude of the trust;

(b)               the care and responsibility arising therefrom;

(c)                the time occupied in performing duties;

(d)               the skill and ability displayed;

(e)                the success which has attended the trust’s administration.

The law firm Winnie J Luk Professional Corporation may assist in your Wills and Estates planning matters. To get started with your will, please click here.

Disclaimer: This article does not contain legal advice and only provides general information. It is not intended to replace advice from a qualified legal professional and should not be relied upon to make decisions. In all cases, contact your legal professional for advice on any matter referenced in this article before making decisions. Use of this article does not establish a lawyer-client relationship.
0 Comments

Your comment will be posted after it is approved.


Leave a Reply.

    Search Articles

    Main Author

    Winnie J Luk  BA JD MBA 
    Principal Lawyer
    陸韻玲安省註冊律師

    ..


    Categories

    All
    Advance Care Planning
    Business Law
    Canadian Immigration
    Chinese Translation
    Client Confidentiality
    Client Portal
    Cloud Computing
    Corporation
    Entrepreneurs
    International Clients
    Law Firm
    Offshore Administration
    Partnership
    Practice Management
    Real Estate
    Software As A Service
    Sole Proprietorship
    Tax Planning
    Trusts
    Virtual Law Office
    Wills And Estates

    RSS Feed

    .
    .
    Archives

    November 2017
    October 2017
    February 2015
    July 2014
    April 2014
    March 2014
    February 2014
    December 2013
    October 2013
    September 2013
    August 2013
    July 2013
    June 2013
    May 2013




    Search Articles 

About

We have extensive experience in real estate, wills and estate planning, and business law matters. Each member of our team is well-versed in our legal topic, approachable, and personally invested in the client as freelance entrepreneurs. Consultation is available on flexible arrangement to better serve clients. Please read our Happy Client Stories! 

Email:                 Support@LandmarkLaw.ca
Ph | SMS:         647 797 8LAW (8529)
Fx:                       647 955-1211
​By Appt:           93 Worthing Ave, Markham ON L3S 4J9

    Contact Us Today!

Submit

Picture
Winnie J Luk, principal and lawyer of Landmark Law Professional Corporation is a proud member of the Law Society of Upper Canada.*

Powered by Create your own unique website with customizable templates.

BACK TO TOP

This website does not contain legal advice and only provides general information. It does not establish a lawyer-client relationship, which is only formed upon signing a retainer letter. The legal services of Landmark Law Professional Corporation are suitable only for matters relating to Ontario, Canada. 
*The Law Society of Upper Canada logo is a trademark owned by The Law Society of Upper Canada.
Copyright 2017 Landmark Law Professional Corporation | Terms & Conditions | Privacy Policy

✕