Finance - Tax Planning for Older Adults (Queens County)
This 2.5 hour course will focus on tax planning issues that impact older adults. Our agenda will include a review of current tax rates; the possible benefits of certain planning, such as use of a Tax Free Savings Account, life insurance and charitable giving; a brief discussion of RRSP/RRIF withdrawals; and deductions or spousal income splitting available at age 65. Deductions for caregiving, medical costs and disability issues will be highlighted as these claims are often missed as we enter our older years and experience health issues. We will look at transfers of your property by sale, gift, death or to joint name and discuss the impact they may have on your Old Age Security, income taxes, long-term care subsidies, cash flow, etc. Ways to help your children or grandchildren and other miscellaneous topics will be discussed as time permits.
Course Locations and Times
| Offering Period & Time | Location | Status |
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| Fall | | | |
| Winter | 01/15/2025 - 01/15/2025
Wednesday
9:30 AM - 12:00 PM | Royalty Center Room #125 (125)
40 Enman Crescent
CHARLOTTETOWN C1E 1E6 | Wait List |
| Spring | | | |
| Requirements | To make the most of this course, write down your questions in advance. Then, bring them with you or send them to the instructor upon receipt of his invitation to do so before the course. Only questions of general interest to the audience will be discussed during the session. |
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| Objectives | The goal of this session is to bring your attention to certain tax deductions available to older adults, and tax traps they often face. The focus will be on issues that are not common in younger years, and on topics which your tax preparer may also not be aware if they work mostly with younger taxpayers. This is not an in-depth training course - it is to bring awareness of tips and traps so that you can obtain further advice, and save some taxes or avoid some penalties. |
| Teaching Process | PowerPoint and Question and Answer |
| UPEI Parking Pass Required? | No |
| Additional Costs? | No |
| Additional Costs or Information | |
Course FacilitatorBlair CorkumBlair is a Chartered Professional Accountant who has provided tax and financial advice for 48 years. He is unique in PEI because he focuses primarily on giving hourly based, fee-only financial advice as a Certified and Registered Financial Planner. He does not sell any investments, insurance, or other products, and does not receive any commissions or referral fees, thereby ensuring his independence and objectivity. Now semi-retired, his engagements are primarily one-time only meetings with older adults giving financial advice in the areas of retirement planning and long-term care matters, offering second opinions on the appropriateness of existing financial plans, and assisting with tax and estate planning, in addition to his financial divorce counselling. Blair considers himself a lifelong learner and also holds designations of Chartered Financial Divorce Specialist – Advanced Accreditation, Chartered Life Underwriter and Certified Health Insurance Specialist.
Blair has written numerous articles and provided many seminars on financial planning topics, and has his own web site (www.corkumfinancial.ca) with over 100 of his articles and useful links to help you ensure you are doing the right things with your money. He has been profiled in national magazines, quoted in a variety of publications, appeared as a guest on radio and television, and volunteers with several non-profit organizations.
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