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Financial Planning: Hidden Tax Traps in Home Ownership, Joint Title, and Informal Trusts (Queens County)

Many Islanders have unknowingly created serious tax problems without realizing it — especially when selling, gifting, or transferring their home. Blair regularly meets people who sold their principal residence or transferred it to a child in 2016 or later and did not report it on their tax return. Because 2026 is the final year to correct unreported 2016 home sales, this mistake can now cost tens of thousands of dollars in tax, interest, and penalties if not addressed promptly. This session explains the hidden tax issues that arise from everyday decisions involving your home, your family, and your finances — including situations that people do not recognize as “tax events.” Topics include: • Adding a child to the title of your home “for convenience” and the tax consequences this can trigger • Gifting property to family members, including when a transfer is considered a taxable disposition • Retaining a “life interest” after transferring your home, and how CRA views beneficial ownership • Changing title to joint ownership, including the difference between joint tenancy and joint ownership with right of survivorship • Joint bank accounts added for convenience, and when the parent remains the beneficial owner • Holding property or accounts “in trust” for someone else, even without a formal trust document • New bare trust reporting obligations beginning in 2026, and how they affect joint ownership and informal arrangements • Understanding beneficial ownership vs. legal title, and why CRA cares about the difference • Multiple properties and misunderstood principal residence rules, including cottages, rentals, and inherited homes • Subdividing personal use land into more than two parts, and why this can make the sale of the resulting lots subject to HST, even when the land was originally personal property • How property tax assessments differ from fair market value for tax purposes • Deductions for medical practitioners in PEI that differ from other provinces • Other situations where people unknowingly trigger tax reporting obligations

Course Locations and Times

	Offering Period & Time	Location	Status
Fall	10/28/2026 - 10/28/2026 Wednesday 9:30 AM - 12:00 PM	Royalty Center Room #125 (125) 40 Enman Crescent CHARLOTTETOWN C1E 1E6	Not Open Yet
Winter
Spring

Requirements	These are not requirements - just suggestions to get the most out of this course. If you sold your principal residence in 2016 or later, make a note of when and whether or not you reported it on your income tax return. If you changed title on your home or other property in 2016 or later, including a transfer to joint ownership, make a note of when, whether or not you reported it on your tax return, and your intentions for making that change transfer. If you own any property or accounts in joint name with right of survivorship with anyone but your spouse, make a note of them and the reasons you have them in joint name. Finally, write your questions down in advance and bring them with you, or send them to the instructor beforehand if invited to do so. If you cannot attend, please cancel early so another member may take your place and to help with handout planning.
Objectives	The goal of this session is to help you recognize the tax issues that “you don’t know you don’t know,” so you can seek proper advice and avoid costly mistakes. In particular, there were many changes related to real estate and joint ownership tax rules in 2016 and later. Are you sure you reported everything required by law?
Teaching Process	Powerpoint
UPEI Parking Pass Required?	No
Additional Costs?	No
Additional Costs or Information

Course Facilitator

Blair Corkum

Blair Corkum is a Chartered Professional Accountant with 50 years of experience helping Islanders navigate tax and financial decisions. He provided hourly, fee-only financial planning — offering completely unbiased advice with no product sales or commissions. Until his recent retirement, Blair focused on one-time consultations with older adults, offering second opinions on financial plans and guidance on retirement, long-term care, tax, and estate matters. He also holds designations as a Registered Financial Planner (R.F.P.), Certified Financial Planner (CFP), Chartered Financial Divorce Specialist (Advanced Accreditation), Chartered Life Underwriter, and Certified Health Insurance Specialist. Blair is passionate about volunteering his time to deliver financial seminars for older adults, helping them make informed, confident decisions for their future. He promotes financial literacy through writing, community presentations, and advisory work with non-profit, federal, and provincial organizations. Blair has been featured in television, radio, and print media, and shares practical resources on his website, www.corkumfinancial.ca.