Ontario Executors Require Answers to Questions: How much do executors get paid?

How much do executors get paid?

The amount of your compensation depends on the time and trouble involved. Your compensation is treated as taxable income by the CRA.

In Ontario, executor compensation, as a rule of thumb, is 2.5% of the capital and income receipts plus 2.5% of the income receipts and disbursements. This is subject to variation by a court.

As an executor, you may participate in lawsuits to collect damages, loans, or to prove the will. Such circumstances can increase your compensation.

Compensation can be specified by the terms of the will. Otherwise, it must be approved by beneficiaries. In some cases, a court will need to approve your fees.

Factors that a court considers to approve fees include:

1. The size of the estate
2. Care and responsibility involved
3. Time spent on duties
4. Skill and ability shown including record keeping
5. Success in administering the estate

About Edward Olkovich

I am a Toronto estate lawyer and Certified Specialist in Estates and Trusts Law. I edit Carswell’s legal guide Compensation and Duties of Estate Trustees, Guardians and Attorneys. I have handled estate disputes and probate problems since 1978. © 2015