12) Calculate the probate fee payable based on the market values of a Testators assets and liabilities on the date of death: (10 marks)

*Assets & liabilities are solely owned by the Testator unless specified otherwise.

(Ontario Probate fees: 0.5% of 1^st $50,000 plus 1.5% of the balance over $50k)

*You must show all calculations in the space below*

House - $400,000 with Mortgage of $200,000 Rental property - $150,000 with private mortgage of $50,000

Car - $35,000, Boat - $18,000, Car loan - $15,000 Small Business - $10,000, Business loan - $5,000

Credit Card balance - $8,000

Non-registered investments - $80,000

Joint (WROS) Non-registered investments - $100,000

RRSP - $60,000 (beneficiary not named) DCPP - $20,000 (spouse is beneficiary)

TFSA - $15,000 (spouse is beneficiary) Term Life Insurance Policy - $75,000 FV (daughter is beneficiary)

Total probate fee payable: $____________