Thomas, age 58, immigrated to Canada from Greece in his 20s. Over the years, he built a small chain of budget-rate hotels in the GTA and has become wealthy beyond his dreams. His private corporation, Apollo Inc., owns the hotels and, in some cases, the land on which the hotels are built. Two years ago Apollo purchased a $5,000,000 Aetna term insurance policy on Thomas's life. Apollo is both the owner and beneficiary of this policy.

Thomas and his first wife divorced years ago and she returned to Greece. He has no ongoing obligations toward his first wife and is now happily married to Sari, 45. He has a son Tony, 28, from his first marriage and a daughter Lisa, 17, with Sari. Tony is actively involved in his father's business and Sari wants Lisa to become involved also.

Thomas

Personal Assets FMVACB

Home owned jointly with Sari $ 3,000,000 $ 1,600,000

RRSPs (portfolio of segregated funds) $ 800,000 n/a

Corporate Assets/Liabilities FMVACB

1000 common shares of Apollo Inc. $ 7,100,000 $ 0

Sari

Not employed

Serves on the board of the North York General Hospital Foundation

Home jointly owned with Thomas

Non-registered portfolio of investments purchased with funds from an inheritance: FMV $650,000, ACB $610,000

Tony

Employed by Apollo; reports to a General Manager who reports to Thomas

Lisa

Full-time student

On her marriage to Thomas, Sari purchased a Universal Life policy with a death benefit of $100,000 and named Thomas beneficiary. She did not name a contingent beneficiary. Thomas and Sari recently purchased a joint and last-to-die Term-to-100 insurance policy with a death benefit of $2,000,000. Their respective estates are beneficiary. This is their only personal life insurance.

Thomas has named Sari the beneficiary of his RRSPs.

Thomas plans to expand his business and projects that Apollo will continue to grow at 10 - 15% per year. He expects that Tony will take over the business eventually, as long as he proves himself capable. He hasn't given any thought as to whether Lisa will eventually join Apollo.

Thomas and Sari have met with their lawyer to discuss their wills but the wills haven't been drawn up yet.

On January 15, 2015, Thomas and Sari were in a terrible car crash. Thomas died at the scene. Sari died in hospital a week later. Lisa has a new boyfriend, 25, who the family thinks is a drug dealer.

Q. List the assets that will be included in Thomas's estate at death and calculate the probate fees payable, using Ontario rates.