The Public Guardian and Trustee (PGT) fee glossary is designed to provide you with additional information about PGT fees as charged pursuant to the Public Guardian and Trustee Fees Regulation. Please note 5% GST is applicable to all fees.
Fees that apply to some or all divisions
The asset management fee (AMF) is charged monthly and amounts to 0.7 % per year on all assets administered on behalf of a client or estate. This includes trust monies or real property that an estate may own.
*The AMF is not charged on assets categories in which fair value cannot reasonably be established and/or kept current (for example, client operated bank accounts, personal effects, and such.)
Capital commission is charged on the total assets of an estate or trust administered by the PGT. It is taken at the time cash is received, when securities are transferred into a PGT contracted investment portfolio or when an asset is distributed at the termination of the PGT’s authority to act.
Income commission is charged on all income received and paid to a client or estate’s trust account. In all cases, the PGT pays monthly interest income from investments to clients which is added to their trust accounts and is subject to the income commission.
The PGT also has the responsibility to investigate the actions of other legal representatives such as Attorneys acting under Enduring Powers of Attorney, Private Committees, Trustees or Representatives when warranted. If there is reason to believe that an individual’s assets are at risk, the PGT may conduct an assessment and investigation. When an investigation results in the PGT replacing an existing legal representative and acting as Committee of Estate or Trustee, investigation fees apply.
Services to Adults
This fee is charged in the Services to Adults division when the PGT provides services as Committee of Estate. The estate liaison administration fee is charged monthly during the period between the client’s death and transfer of the assets from the PGT to the new legal representative.
This minimum fee is charged in the Services to Adults division and is collected to help recover the costs of services by ensuring the PGT receives a minimum monthly amount for managing a client’s financial and legal affairs when acting as committee of estate. This fee only applies if the total of all other fees and commissions charged (from the time the PGT was appointed to the time the client is deceased) are less than an average monthly total of $100.00. To minimize impacts, this fee is only collected when the PGT concludes its authority after the death of a client.
For example, if the total fees collected from the asset management fee, income commission and capital commission averaged $70/month, an additional $30/month would be payable at the end of the PGT’s administration.
Private committees are required to report to the PGT on how they are managing the financial affairs of the person for whom they are committee. The account review requires information on tax returns and assets and liabilities such as investments, real estate, and mortgages. The PGT charges a fee to review the accounts.
Before a person or trust company is appointed as committee, all the documents in support of the application for appointment are served on the PGT. Unless otherwise directed by the court, the documents are also served on the adult. The PGT reviews the application and makes recommendations to the court with respect to the application, and security requirements including bonding, restrictions or conditions to be placed on the private committee.
Estate and Personal Trust Services
This fee is charged in the Estate and Personal Trust Services division when the PGT is the Administrator of an estate. The minimum capital commission is collected to recover the minimum costs of administering the estate. This only applies if the capital commissions charged are less than a total of $3,500.00.
For example, if the PGT as the Administrator of an estate charges capital commissions on estate assets that total $3,000.00, then an additional $500.00 is payable from the estate.
Child and Youth Services
In some circumstances, private trustees are required to provide an accounting to the PGT regarding the management of the funds they hold in trust for minor beneficiaries. The trust instrument naming the trustee indicates how often the trustee is required to provide a reporting of the accounts to the PGT.
This fee is charged in the Child and Youth Services division for reviewing an application for the appointment of a private trustee over funds for a minor. The PGT reviews the application and makes recommendations to the court with respect to the application, and security requirements including bonding or conditions to be placed on the trustee.
