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The 2011 Ontario budget[1], delivered by Finance Minister Dwight Duncan on March 29, 2011, contained a budget proposal that will significantly alter the way in which the Ontario Estate Administration Tax (“EAT”) is assessed and collected. The amendments to the Ontario Estate Administration Tax Act, 1998 (the “EAT Act”) announced in the 2011 Budget received Royal Assent on May 12, 2011. Although these amendments will not generally take effect before January 1, 2013, estate trustees and their advisors should be aware of the new tax audit and collection regime and the potentially severe consequences for non-compliance.
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