Probate is a legal process in which a court validates a deceased person’s will and authorizes the executor to administer the estate. Until probate is granted, most financial institutions will not release assets held in the deceased’s name alone.
How Probate Works in Canada
Probate fees vary by province. Ontario charges 1.5 percent on assets above $50,000. Alberta has a flat maximum of $525. Not all assets go through probate — assets with named beneficiaries, jointly held assets, and assets in trust bypass probate and transfer directly to the beneficiary.
Why It Matters in Retirement
Canadians with significant non-registered accounts, real estate held solely in their name, or large RRIFs benefit most from probate planning. Beneficiary designations, joint ownership, and trusts can significantly reduce or eliminate probate fees.
Related Resources
This article provides general financial education for Canadians. It is not personalized financial advice. For guidance specific to your situation, consider speaking with a CFP professional.