Ontario Barrister and Solicitor Practice Exam

Disable ads (and more) with a membership for a one time $2.99 payment

Study for the Ontario Barrister and Solicitor Exam. Quiz with flashcards and multiple choice questions, each with hints and explanations. Prepare for your legal career!

Start Multiple Choice Practice Test
Start Flash Cards

Each practice test/flash card set has 50 randomly selected questions from a bank of over 500. You'll get a new set of questions each time!

Practice this question and more.

What property categories are excluded from the calculation of estate administration tax?

  1. Real property outside of Ontario

  2. Stocks and bonds

  3. Vehicles registered in Ontario

  4. Bank accounts held in joint tenancy

The correct answer is: Real property outside of Ontario

Real property outside of Ontario is excluded from the calculation of estate administration tax because this tax only applies to the assets located within the province of Ontario. Stocks and bonds, vehicles registered in Ontario, and bank accounts held in joint tenancy are all considered real property and therefore would be subject to the estate administration tax. It is important to note that while bank accounts held in joint tenancy are subject to the tax, their value may be reduced by the amount of the joint account holder's contribution.

More Questions Like This