|Sub-Category:||SOCIAL - SUCCESSION DUTY AMENDMENTS|
BE IT THEREFORE RESOLVED THAT the Ottawa Business and Professional Women's Club urge the Provincial Organization to request the Ontario Government to effect changes in the Ontario Succession Duty Act so that:
1. One half of the deceased husband's estate be conceded, for tax purposes as earned by his widow, and be not, therefore, subject to succession duty when it passes to her on his death.
2. Instead of exempting estates up to $50,0000 for beneficiaries in the preferred class, this amount be made a true exemption deductible from the value of all estates before the calculation of duty.
3. Brothers and sisters be transferred from the collateral class to the preferred class of beneficiaries.
4. $5,000 of life insurance proceeds per company be payable without the requirement of a formal release for Succession Deputy Dept. ( as recommended by the Life Underwriters Association of Canada).
5. Gifts made more than 3 years prior to death, instead of 5 years as at present, be exempt from duty and be not included in the aggregate value of estates.
6. Provision be made for Quick Successions.
©BPW Ontario www.bpwontario.com
Article ID: 4070