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  Buying a home can be easier with help from your RRSP
TIM CESTNICK  

Thursday, March 05, 2015

tcestnick@waterstreet.caA friend of mine lives in Massachusetts and made an offer on a home that seemed unusually low in price. As it turns out, the home is next to an infamous property that was condemned by city officials in the recent past because it reeked of garbage and was infested with cockroaches.
FULL STORY


Tantalized by the prospect of taking a sabbatical? Familiarize yourself with the DSLP
TIM CESTNICK  

Thursday, February 26, 2015

tcestnick@waterstreet.caI told my son this week that if there's one career to avoid, it's that of a referee. I've got three kids in hockey, so I know the verbal abuse that refs absorb. And it happens in any sport. Even the most respectable fans can find themselves harassing referees.
FULL STORY


Watch out, snowbirds: The taxman's foreign reporting rules have gotten trickier
TIM CESTNICK  

Thursday, February 19, 2015

tcestnick@waterstreet.ca
FULL STORY


Keep your tax hands off my TFSA
TIM CESTNICK  

Thursday, February 12, 2015

tcestnick@waterstreet.caWhen you've been hanging around the financial services world as long as I have, you inevitably come to understand the many ways that people can make money. Some stories are as improbable as, say, an adult accidentally swallowing a toothbrush (it's rare but it happens; just ask British student Georgie Smith, now 21, who, to the best of my knowledge, is the latest person to do this).
FULL STORY


Choose wisely with your estate plan
TIM CESTNICK  

Thursday, February 05, 2015

tcestnick@waterstreet.caI''ve been thinking of following the example of Napoleon. No, not Napoleon Dynamite. I'm talking about Bonaparte, who died in 1821. In his will, he left instructions that his head should be shaved and his hair divided amongst his family and friends.
FULL STORY


RRSPs aren't a bad idea - but consider these options as well
TIM CESTNICK  

Thursday, January 22, 2015

tcestnick@waterstreet.caSome ideas are just plain bad.I think of performance artist Linda Montano, who once completed a project where she tied herself to a man (another performance artist), 24-hours-a-day, for one year by a six-foot piece of rope. Bad ideas might also include anthropomorphic taxidermy, which is the practice of preserving the body of an animal and displaying it in such a way as to endow it with human characteristics (I didn't get it either - just Google it).
FULL STORY


Tax ruling offers important lesson for others on claiming losses
TIM CESTNICK  

Thursday, January 15, 2015

tcestnick@waterstreet.caI''ve often told my kids: If you want to have a million dollars one day, start with $10-million then invest in a hot tip. More than a few Canadians have lost thousands this way. We can learn a lot from those who have made mistakes before us. The story of Allan Prochuk, an engineerturned-investor from B.C., is a good reminder of what can happen when a hot tip turns bad. His story also sheds some light on a tax issue that many Canadians should be aware of.
FULL STORY


Claim the pension credit and avoid retirement brawls
TIM CESTNICK  

Thursday, January 08, 2015

tcestnick@waterstreet.caHave you been thinking about how you'll spend your days in retirement? There's lots to do in those golden years. Just be careful where you hang out. I recall the story a few years back of a 62-year-old man who was kicked out of the Spring Haven Retirement Community (in Winter Haven, Fla.) because he punched an 86-year-old resident and bit another in a fight at the community salad bar.
FULL STORY


Make 2015 about boosting financial health
TIM CESTNICK  

Saturday, January 03, 2015

tcestnick@waterstreet.caI''ve heard it said that the New Year is an opportunity for a new start on old habits. It's not the case for me this year. My resolution is to make progress in getting back into shape. Last year, my resolution was to drive by the new gym that opened in my neighbourhood at least three times each week. I kept that resolution, although I didn't actually look at the gym when driving by. This year, my resolution is to actually stop at the gym.
FULL STORY


Financial freedom is the freedom to give
TIM CESTNICK  

Thursday, December 18, 2014

tcestnick@waterstreet.caEvery year, the taxman releases statistics about the tax returns filed by Canadians. The most recent stats were released by the Canada Revenue Agency in 2013 (for the 2011 tax year), and provide a glimpse into what we're like as taxpayers. In particular, I wanted to look at those statistics to see how generous we are as Canadians - well, insofar as our tax returns can reveal that type of thing.
FULL STORY


Leaving Canada? You may be able to minimize the departure tax - significantly
TIM CESTNICK  

Thursday, December 11, 2014

tcestnick@waterstreet.caLast week I introduced James and Kate - friends who will be moving to the United States in the new year. I reminded James that the U.S. can be a strange place with some crazy laws.
FULL STORY


Moving stateside? Here are three tax tips before you go
TIM CESTNICK  

Thursday, December 04, 2014

tcestnick@waterstreet.caA few years ago, a couple who lived on our street decided to move to the Southern United States to retire. They packed up their entire home, had all their earthly possessions loaded onto two 52-foot trailers, and sent the moving company off to transport their belongings. They flew down to their new place a couple of days ahead of the movers. When the movers arrived, this couple answered the door, looked at the movers and said ''Take it all back. We want to go home.'' Spending a couple of days in their new surroundings was enough for them to decide that Canada was where they really wanted to be. There's no place like home. You just have to figure out where home is.
FULL STORY


Five financial gifts that will keep on giving
TIM CESTNICK  

Thursday, November 27, 2014

tcestnick@waterstreet.caThis past weekend, I asked my kids what they would like for Christmas. The list included things like an iPad, hockey stick, scooter, clothes and video games. There was one item that the kids, together, decided they would ask for. A group gift, if you will. I'm talking about the Henry River Mill Village. A village. No kidding.
FULL STORY


How a kind gesture on your part can actually lead to a tax hit
TIM CESTNICK  

Thursday, November 20, 2014

Tim Cestnick is president of WaterStreet Family Offices, and author of several tax and personal finance books.tcestnick@waterstreet.caAs the Christmas season approaches we'll be having a couple of parties at our home. There are certain topics that are taboo when it comes to starting conversations with guests.
FULL STORY


Seven important tax tips to consider before year-end
TIM CESTNICK  

Thursday, November 13, 2014

Tim Cestnick is president of WaterStreet Family Offices, and author of several tax and personal finance books.tcestnick@waterstreet.caWhat's on your to-do list before year-end? At my house, we talked about this over dinner last weekend. My son, Win, turned 16 recently and so driving as much as possible is on his list. I'm not sure he's really ready for the road.
FULL STORY


How to keep more wealth in the family by thinking outside the box
TIM CESTNICK  

Thursday, November 06, 2014

Tim Cestnick is president of WaterStreet Family Offices, and author of several tax and personal finance books. tcestnick@waterstreet.ca I think that every male on the planet secretly wants to be a superhero. I'm not talking about one with superhuman powers.
FULL STORY


How the principal residence exemption - a key tax shelter -will be affected by divorce
TIM CESTNICK  

Thursday, October 30, 2014

Tim Cestnick is president of WaterStreet Family Offices, and author of several tax and personal finance books.tcestnick@waterstreet.caEarlier this year, British resident Jane Mulcahy attempted to sue her divorce lawyers. Why? Because they didn't explain to her that finalizing her divorce proceedings would result in her marriage coming to an end. She argued that they should have taken into account her belief in the sanctity of marriage and should have recommended a judicial separation instead. The court rejected her claims.
FULL STORY


Take advantage of these investment offsets to create better returns
TIM CESTNICK  

Thursday, October 16, 2014

Tim Cestnick is president of WaterStreet Family Offices, and author of several tax and personal finance books. tcestnick@waterstreet.ca My kids love to read. ''Dad, what's the most creative work of fiction you've ever read?'' my son, Win, asked.
FULL STORY


Finding the right home for your investments will shelter you come tax season
TIM CESTNICK  

Thursday, October 09, 2014

Tim Cestnick is president of WaterStreet Family Offices, and author of several tax and personal finance books. tcestnick@waterstreet.caI''ve been talking recently about the four pillars of tax-smart investing: (1) control the timing of income, (2) control the type of income, (3) control the location of income, and (4) control the offsets to income. Today, I want to chat about the third pillar: The location of income.
FULL STORY


The second pillar of tax-smart investing: Control the type of income you earn
TIM CESTNICK  

Thursday, October 02, 2014

Tim Cestnick is president of WaterStreet Family Offices, and author of several tax and personal finance books. tcestnick@waterstreet.caI miss my grandfather. He shared with me so many words of wisdom over the years.
FULL STORY


How tax-smart investing can add to your net worth
TIM CESTNICK  

Thursday, September 25, 2014

Tim Cestnick is president of WaterStreet Family Offices, and author of several tax and personal finance books.tcestnick@waterstreet.caDid you know that, in China, it's possible to buy insurance for some pretty crazy things? You can, for example, buy insurance that will pay out if your child displays ''mischievous and destructive'' habits, or your favourite team is defeated in the World Cup (both of which happened to me in the past few months; I could have been wealthy if I had been living in China).
FULL STORY


In-trust accounts: Help your child - and save tax, too
TIM CESTNICK  

Thursday, September 18, 2014

Tim Cestnick is president of WaterStreet Family Offices, and author of several tax and personal finance books.tcestnick@waterstreet.caI was speaking to my good friend James last weekend about his son, who decided to make a trip to Las Vegas for his 19th birthday. As it turns out, his son is pretty good at blackjack, and came back with double his money.
FULL STORY


Crowdfunding can be a great way to raise money - but watch out for the taxman
TIM CESTNICK  

Thursday, September 11, 2014

Tim Cestnick is president of WaterStreet Family Offices, and author of several tax and personal finance books.tcestnick@waterstreet.caMy son, Win, is a budding entrepreneur. He's already asked me for money to help him start his latest venture: A cheesesculpting business.
FULL STORY


Know the nuances of deducting interest costs from taxes
TIM CESTNICK  

Thursday, September 04, 2014

Tim Cestnick is president of WaterStreet Family Offices, and author of several tax and personal finance books.tcestnick@waterstreet.caI''m not sure if the story is true or not - but it makes for an interesting discussion. I'm talking about the gentleman who wanted to borrow $200.
FULL STORY


Tax tips for your school-bound students
TIM CESTNICK  

Thursday, August 28, 2014

Tim Cestnick is president of WaterStreet Family Offices, and author of several tax and personal finance books. tcestnick@waterstreet.caIf you have kids or grandkids at the postsecondary level, you should both be aware of planning ideas and opportunities that can result in money in your pocket, or theirs. I want to share 10 ideas today:
FULL STORY

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