Passing of AccountsEstate AccountingTrustee CompensationAccounting ObjectionsFiduciary Reporting
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Quick Answer
What is a passing of accounts?
A passing of accounts is the formal judicial process in which an estate trustee presents a detailed financial record of the estate's administration to the court for review and approval. It is governed by s. 23 of the Estates Act and Rules 74.17 and 74.18 of the Rules of Civil Procedure.
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PASSING OF ACCOUNTS
Estate Trustee Accounting in Ontario
The passing of accounts is the formal process by which an estate trustee presents a detailed record of the estate's financial administration to the court for approval. Under s. 23 of the Estates Act, any person with an interest in the estate, including any beneficiary, may require the estate trustee to pass their accounts before the Ontario Superior Court of Justice.
The accounts must comply with Rule 74.17 and Rule 74.18 of the Rules of Civil Procedure, which prescribe the format and content of estate accounts. The accounts are divided into capital receipts, capital disbursements, revenue receipts, revenue disbursements, and investment transactions. They provide a complete picture of how the estate has been administered and are subject to scrutiny by the beneficiaries and the court.
OBJECTIONS
Objecting to Estate Accounts
Beneficiaries who are dissatisfied with the estate trustee's accounting may file a notice of objection under Rule 74.18. Common grounds for objection include unauthorized expenditures, failure to account for specific assets, improper investments, excessive trustee compensation, failure to maximize the value of estate assets, and self-dealing by the trustee.
Where objections are filed, the matter proceeds to a hearing before a judge. The estate trustee bears the burden of establishing that their accounts are fair and accurate and that their administration has been consistent with their fiduciary obligations under the Trustee Act. If the court finds that the accounts are unsatisfactory, it may surcharge the estate trustee for any losses, reduce or deny compensation, and in serious cases, remove the trustee.
TRUSTEE COMPENSATION
Estate Trustee Compensation and Fees
Estate trustee compensation in Ontario is governed by s. 61 of the Trustee Act, which entitles the trustee to "fair and reasonable" compensation. The traditional tariff, established in Re Toronto General Trusts and Central Ontario Railway (1905), provides a guideline of 2.5% on capital receipts, 2.5% on capital disbursements, and 2.5% on revenue, plus a care and management fee of 2/5 of 1% per year on the average value of the estate assets.
However, the court has discretion to adjust this amount based on the size and complexity of the estate, the care and responsibility involved, the time spent, the skill and ability displayed, and the success of the administration. In Laing Estate (1998), the Ontario Court of Appeal confirmed that these five factors guide the court's assessment. Where the estate trustee has been guilty of misconduct, compensation may be significantly reduced or denied entirely.
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A passing of accounts is the formal judicial process in which an estate trustee presents a detailed financial record of the estate's administration to the court for review and approval. It is governed by s. 23 of the Estates Act and Rules 74.17 and 74.18 of the Rules of Civil Procedure.
Who can require an estate trustee to pass their accounts?
Under s. 23 of the Estates Act, any person with an interest in the estate, including beneficiaries, may bring a court application requiring the estate trustee to pass their accounts.
How is estate trustee compensation calculated?
Trustee compensation is determined under s. 61 of the Trustee Act. The traditional guideline is 2.5% on capital receipts, 2.5% on capital disbursements, and 2.5% on revenue, plus a care and management fee. The court considers factors including the size and complexity of the estate, time spent, and skill displayed.
What can I do if I disagree with the estate accounts?
You may file a notice of objection under Rule 74.18 of the Rules of Civil Procedure. Common grounds include unauthorized expenditures, failure to account for assets, excessive compensation, and self-dealing. The matter will then proceed to a hearing before a judge.
What happens at a passing of accounts hearing?
At the hearing, the estate trustee must establish that the accounts are accurate and that the administration was consistent with their fiduciary duties. Beneficiaries may cross-examine the trustee and present evidence challenging specific entries. The court may approve, adjust, or surcharge the accounts.
Can an estate trustee be penalized for poor accounting?
Yes. The court may surcharge the estate trustee for losses caused by mismanagement, reduce or deny trustee compensation, and in serious cases, remove the trustee from their position. The trustee may also be ordered to pay the costs of the passing of accounts proceeding personally.
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Where we refer a matter to another firm, including through LexKonnect, we comply with Rule 3.6-6.1 of the Law Society of Ontario’s Rules of Professional Conduct. Any referral fee is set out in the Law Society’s standard referral agreement, signed by you before the referral proceeds, and no fee is payable to us unless and until the receiving firm has been paid for its work. You are never obliged to accept a referral and are free to retain any firm you choose. No referral arrangement affects the independent professional judgment of any lawyer at this firm.
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Failure to commence proceedings within applicable limitation periods may permanently bar your claim. In Ontario, the general limitation period is two (2) years from discovery under the Limitations Act, 2002, S.O. 2002, c. 24, Sched. B. Seek legal advice promptly.
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What we collect
What you give us
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Nothing on this site is legal advice, however specific it looks.
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Do not send confidential information before a retainer is signed.
Past results depend on their own facts and do not predict yours.
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Information, not advice
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The difference is practical rather than technical. A page explaining that spousal support is
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Why you should not send us documents yet
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Case results described anywhere on this site are real and are described accurately, and they are
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matter is worth.
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Calculators on this site produce estimates from the figures you enter. They apply published
formulas and they cannot know about the facts that most often change the answer.
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To the fullest extent the law permits, Lexaltico LLP is not liable for any loss arising from your
use of, or reliance on, anything published on this website.
Governing law
These terms are governed by the law of Ontario and the federal law of Canada that applies in
Ontario. Lawyers and licensed professionals at the firm are regulated by the Law Society of
Ontario, and marketing on this site is intended to comply with the
Rules of Professional Conduct.
Every limit on what this website tells you, and every thing it does not do, in one
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Before you rely on anything here
Four limits, and they matter in this order.
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Everything published on this website is general information. It is not legal
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These pages describe the law of Ontario, and of Alberta only
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Each page states the law as at the review date shown on it. Legislation is amended and case law
develops. A page accurate when written may no longer be.
Generality
These pages describe how a rule usually works. That is not the same as how it applies to your
facts. The exceptions are where most real matters live, and a page written for a general reader
cannot tell you whether you are inside a rule or inside its exception.
If you contact us
If you are in danger
If you or a child are in immediate danger, call 911.
This website is not an emergency service. Enquiries sent through a form here are read during
business hours and a reply may take up to one business day.
Using this website, submitting a form, sending an email or speaking to us on the telephone does
not make us your lawyers. That relationship arises only when the firm has
confirmed in writing that it has agreed to act, a conflict search has been completed, and a
retainer has been signed.
Confidentiality of enquiries
Do not send confidential or sensitive information through this website or by email until we have
confirmed in writing that we can act for you. Information sent before that point is
not treated as confidential and may prevent us from acting for you, or for
someone else, in a connected matter.
Response times
We aim to reply within one business day. Contacting us does not guarantee a reply within any
particular period, does not oblige the firm to act, and does not stop, extend or satisfy
any limitation period, filing date or court deadline.
Our telephone line
Our line is answered 24 hours a day, every day of the year. Outside office hours calls are taken
by our intake service, who record your details and pass them to the firm. A lawyer responds during
the next business day, or sooner if the matter is urgent. Answering the telephone is not the same
as giving legal advice, and no relationship arises from that call.
Who we are and how we are regulated
Law Society of Ontario
Lexaltico LLP is regulated by the Law Society of Ontario under the
Law Society Act, R.S.O. 1990, c. L.8. All lawyers practising in
Ontario through the firm are members in good standing.
Law Society of Alberta
Alberta matters are handled by lawyers licensed with, and in good standing with, the
Law Society of Alberta. A lawyer licensed in Ontario is not thereby licensed in
Alberta, and the reverse is also true.
Immigration regulation
Immigration consulting is provided by Regulated Canadian Immigration Consultants
in good standing with the College of Immigration and Citizenship Consultants under the
College of Immigration and Citizenship Consultants Act, S.C. 2019, c. 29,
s. 292.
Lawyers, paralegals and consultants
Not everyone at the firm is a lawyer.
Licensed paralegals in Ontario may act only within the scope the Law Society
permits, which does not include most family, estate or criminal matters.
Immigration consultants are regulated by the College, not by a law society,
and are not lawyers.
Law clerks and managers support files but do not give legal advice.
Each page and biography states which applies. Ask at the outset who will handle your matter and
under which licence.
Languages
We serve clients in thirteen languages. Every page of this website is written and published in
English. Where anything is provided in another language, the English
version governs in the event of a difference. If you need an interpreter, tell us when
you book and we will arrange one.
Fees
The initial assessment
The complimentary 15 minute initial assessment is a brief introductory
conversation. It does not include a review of your documents and does not constitute
legal advice.
The firm charges a fee for substantive consultations, including in civil litigation,
criminal defence and immigration matters. The firm may waive that fee at its discretion.
Any fee is disclosed in advance and credited in full toward your account if you retain the
firm.
Referral fees
Where we refer a matter to another firm, including through LexKonnect, we comply with Rule 3.6-6.1 of the Law Society of Ontario’s Rules of Professional Conduct. Any referral fee is set out in the Law Society’s standard referral agreement, signed by you before the referral proceeds, and no fee is payable to us unless and until the receiving firm has been paid for its work. You are never obliged to accept a referral and are free to retain any firm you choose. No referral arrangement affects the independent professional judgment of any lawyer at this firm.
What is published on this site
Calculators and estimators
They produce estimates from what you type and cannot know the rest. They do not
account for the terms of your contract, statutory exceptions, or the discretion a court will
apply. Do not make a decision on a number produced by a calculator.
Past results
Any outcome described happened on its own facts, before its own decision maker,
under the law as it stood at the time. Past results do not predict or guarantee the result of any
other case.
Reviews and testimonials
Reviews shown here are written by third parties and published on platforms we do not control. Each
describes one person’s experience of one matter. They are not a promise, a
prediction or a guarantee about any other matter.
Links to other websites
This site links to regulators, courts, government sources, professional associations and social
platforms, all operated by others. We do not control them, we are not responsible for
their content or accuracy, and a link is not an endorsement.
Other notices
Limitation periods
Failure to start a proceeding within the applicable limitation period may permanently bar
your claim. In Ontario the general period is two years from discovery
under the Limitations Act, 2002, S.O. 2002, c. 24, Sched. B.
Shorter periods apply to many claims. Seek advice promptly. Nothing on this website extends a
limitation period.
Accessibility
We aim to meet the Accessibility for Ontarians with Disabilities Act
and WCAG 2.1 Level AA. If any part of this site prevents you from reaching us, telephone
+1 416 333 6200 or write to
hello@lexaltico.com and we will provide the information
in another format, at no charge.
