Hourly Based Fee
Only Advice
Call today to arrange a meeting.
1 (902) 393-1248
P.O. Box 1201     Charlottetown, PE     C1A 7M8
T: (902) 393-1248 (direct)     CorkumFinancial@pei.sympatico.ca     www.CorkumFinancial.ca

Critical Tax & Estate Planning Traps for Seniors

Individuals often make many decisions, sometimes based on incomplete professional advice, that they think are in their best interests. Unfortunately, a problem that all of us has is that, “we do not know what we do not know.”  I attach the following PDF document setting out some issues that I have encountered that can be very costly if not identified and corrected.  In many cases, the situation can be corrected with minimal cost, and sometimes result in future benefits. In other cases, there may be a requirement to repay certain tax benefits that were incorrectly received. However, identifying the situations and notifying the proper authorities prior to being caught and charged with penalties is still the appropriate answer in most cases.

Many of the situations I point to relate to ownership (including joint ownership, trusts and use of life interests) and/or transfers of real estate, particularly as people age and want to prearrange their estate affairs.  However, I also include several other matters, and I encourage you to review this list of issues to see if you should be concerned.  Please note that this article was written in December, 2023, and the issues and the consequences may have changed subsequently. A discussion with your legal or tax advisors , or with the Canada Revenue Agency (which can be done on a no-names basis), can often clarify quickly whether you should have concerns or not.

If you find this article was of significant help to you, please send me a brief note by email through my Contact page to help me know whether I should continue with such initiatives. My goal is to help my readers educate themselves and, as you will note, there is no advertising or other revenue directed my way from this website, so it is encouraging to know whether my efforts are worthwhile.

Critical Tax and Estate Planning Traps for Seniors

Blair Corkum, CPA, CA, R.F.P., CFP, CFDS, CLU, CHS holds his Chartered Professional Accountant, Chartered Accountant, Registered Financial Planner, Chartered Financial Divorce Specialist as well as several other financial planning related designations. Blair offers hourly based fee-only personal financial planning, holds no investment or insurance licenses, and receives no commissions or referral fees. This publication should not be construed as legal or investment advice. It is neither a definitive analysis of the law nor a substitute for professional advice which you should obtain before acting on information in this article. Information may change as a result of legislation or regulations issued after this article was written.©Blair Corkum