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  Why Valentine's gifts should not include RRSP money
TIM CESTNICK  

Friday, February 12, 2016

tim.cestnick@scotiabank.comValentine's Day is practically here. My brother-in-law, Peter, is in deep trouble if he forgets again this year. Oh, it's happened to me before. Whether its anniversaries, birthdays or Valentine's Day, some men simply have a handicap. You would think that the advent of the personal computer and electronic reminders would have ended the struggle for these men. That would be the case if we could only remember to add these events to our calendars. That itself is an issue.
FULL STORY


Three things every teen should understand about money
TIM CESTNICK  

Friday, February 05, 2016

tim.cestnick@scotiabank.comA few years ago, an economics student by the name of Panupol Sujjayakorn, from Thailand, took a break from his studies to compete in the World Scrabble Championships. He won the contest - and he could barely speak English. He knew how to spell thousands of words that he didn't even understand. I was speaking to my kids this past week about the feat. ''See, Dad - it's not important to understand anything. All I need to do is memorize stuff,'' my youngest said. That's not exactly the life lesson I wanted to pass along.
FULL STORY


Borrowing to invest? Not so fast
TIM CESTNICK  

Friday, January 29, 2016

tim.cestnick@scotiabank.comI''ve been writing about the concept of borrowing money to invest. Last week, I talked about the rewards of the strategy. Today, let's take a look at some risks, and how to mitigate them.
FULL STORY


Five ways it can pay to borrow in building your wealth
TIM CESTNICK  

Friday, January 22, 2016

tim.cestnick@scotiabank.comLast week I introduced some myths around borrowing money to invest. This week, I want to talk about the potential rewards of the idea.Reward 1: Leveraged investing is a forced investment plan.
FULL STORY


Five myths about borrowing to invest
TIM CESTNICK  

Friday, January 15, 2016

There's a new family in town.They're my neighbours, and I met them for the first time this past summer when their dog paid a visit to our home and stole my underwear. (No, I wasn't wearing it at the time.) It was out on the clothesline drying (Carolyn likes to air dry our laundry from time to time).
FULL STORY


Take advantage of low interest rates while they last
TIM CESTNICK  

Friday, January 08, 2016

tim.cestnick@scotiabank.comWhen I was young, I remember going to the bank to have my bank book updated by the teller. I would always appreciate seeing the ''interest deposit'' line every month. This week, our youngest son went online for the first time to view his bank account activity. There it was: an interest deposit made at the end of last month.
FULL STORY


Consider the last great tax shelter in 2016
TIM CESTNICK  

Monday, January 04, 2016

tim.cestnick@scotiabank.comMy friend Mike is an inventor wannabe. Well, let me rephrase. He is already an inventor. But he wants to be a successful and wealthy inventor. He kicks himself for not coming up with the bacon alarm clock first (yes, the Wake'n Bacon is an alarm clock that will allow you to wake up to the smell of cooking bacon).
FULL STORY


Some alternative conversation starters over turkey
TIM CESTNICK  

Thursday, December 24, 2015

tim.cestnick@scotiabank.comAs you get together with family over the next few days, make the conversation worthwhile. Stop talking about the weather, your grandmother's hearing loss and your health concerns (including that rash that you still can't explain).
FULL STORY


Six steps to more meaningful giving
TIM CESTNICK  

Friday, December 18, 2015

Perhaps you've heard the story of the wealthy entrepreneur who was lost at sea. He was aboard his yacht with two crew members when a storm rose up and swamped the boat.
FULL STORY


Securities donations from a corporation can save you big tax dollars
TIM CESTNICK  

Friday, December 11, 2015

tim.cestnick@scotiabank.comI was having lunch at a local restaurant recently. The owner shared with me that the Canada Revenue Agency was in the middle of auditing his business. ''I wish those tax people would just leave me alone. I work long hours in this business, and so does my family. I only make $75,000 each year,'' he said.
FULL STORY


Give the gift of money smarts to your kids this year
TIM CESTNICK  

Friday, December 04, 2015

tim.cestnick@scotiabank.comI have no problem deciding on Christmas gifts for my two boys.Buying for my daughter, Sarah, and my wife, Carolyn, is another story. When it comes to the boys, they now appreciate the same type of gifts I'd like for myself, including any cordless tool, my initials on a blacksmith BBQ branding iron, a quadcopter drone with an HD camera, a multifunction pocket tool, a plot of land in Slovenia or one acre of land on the moon (really, go to lunarland.com). I blew it last year when I bought Sarah the snuggle blanket with sleeves and I gave Carolyn the wrinkle cream, NHL team clock and three boxes of Hamburger Helper.
FULL STORY


Tax savings should be a family affair
TIM CESTNICK  

Monday, November 30, 2015

tim.cestnick@scotiabank.comWe had a little feud at our home last week. ''Michael, I'm disappointed in you,'' my wife told our youngest son. ''Throwing a rock at your brother is not acceptable'' she continued. ''But he threw a rock at me first!,'' Michael explained. ''When he threw a rock at you, you should have come to me right away,'' Carolyn explained. ''Why would I do that mom? My aim is way better than yours,'' he said.
FULL STORY


Employees should act before year-end to save tax
TIM CESTNICK  

Friday, November 20, 2015

tim.cestnick@scotiabank.comSome employees have it rough. At Shinmei Electric Co. in Shanghai, employees used to be fined the equivalent of about $8 if they reported for work late - the first time - and were fired if they were late a second time. Further, employees were limited to washroom breaks of two minutes or less (don't forget to bring your stopwatch). As it turns out, about a thousand of the employees were not very happy about these arrangements and decided to hold 18 managers hostage one Friday morning, Jan. 18, 2013, until almost midnight the following day. The company relaxed the rules after the incident.
FULL STORY


Four ways to deal with that windfall you just inherited
TIM CESTNICK  

Friday, November 13, 2015

tim.cestnick@scotiabank.comMy father was having a conversation with our youngest son recently. ''When I'm gone, I'm going to leave you the farm,'' my father said. ''The entire farm - including the livestock, crops, tractor, the farmhouse and a few million in cash,'' he continued.
FULL STORY


Ten things to ponder when it comes to leaving an estate
TIM CESTNICK  

Thursday, November 12, 2015

tim.cestnick@scotiabank.comThis is part of The Globe and Mail's week-long series on baby boomers and how their spending, investing, health and lifestyle decisions could affect Canada's economy in the next 15 years. Is Canada ready for the boom?
FULL STORY


Still time to save on tax before end of year
TIM CESTNICK  

Friday, November 06, 2015

tim.cestnick@scotiabank.comMy friend Paul has a procrastination problem. He lives by the mantra: ''The sooner I fall behind, the more time I have to catch up.'' He insists that one of these days he's going to do something about his procrastinating - but he hasn't gotten around to it yet. I was talking to Paul this week about his tax planning and, as you'd expect, he hasn't thought about his planning for 2015. Although the end of the year is in sight, there are still some things Canadians can consider doing before yearend to save tax. I want to share a few of these things with you now.
FULL STORY


WHEN A LOSS BECOMES A GAIN
Tim Cestnick  

Friday, November 06, 2015

There are many examples in which people have realized losses on the sale of U.S.-dollar-denominated securities but, when converting the transactions to Canadian currency, they've actually realized capital gains. So, do the math on the foreign-currency gains or losses before selling a security in the hopes of realizing capital losses to use this year.
FULL STORY


Consider these testamentary trusts in your will
TIM CESTNICK  

Friday, October 30, 2015

tim.cestnick@scotiabank.comFor Halloween this year, we have a ''postmortem'' theme decorating our house. My contribution was to put a Frankenstein figure in a rocking chair on the porch. I also slipped a last will and testament into his hands.
FULL STORY


Testamentary trusts can offer tax benefits and more
TIM CESTNICK  

Friday, October 23, 2015

tim.cestnick@scotiabank.comToday I want to talk about relationships. Not marriage.Although marriage is a fine institution because it teaches us about loyalty, patience, understanding, perseverance and a lot of other things we wouldn't need if we had stayed single. No, I want to talk about a special type of relationship called a ''trust.''
FULL STORY


Use up the capital losses in your portfolio
TIM CESTNICK  

Friday, October 16, 2015

tim.cestnick@scotiabank.comThe stock market is strange if you think about it. Every time one person sells, another is buying - and they both think they're smart. Someone's losing money somewhere.
FULL STORY


Make the most of your capital losses
TIM CESTNICK  

Monday, October 12, 2015

tim.cestnick@scotiabank.comIt hasn't been a great year for many of the major equity markets.The SandP/TSX composite is down 4.6 per cent year-to-date, the Dow Jones industrial average is down 4.1 per cent, the SandP 500 is down 2.1 per cent, and the Russell 2000 is down 3.3 per cent. You get the picture.
FULL STORY


Get tax relief for loans gone bad
TIM CESTNICK  

Monday, October 05, 2015

tim.cestnick@scotiabank.comMy good friend Jack is single.It's probably because his grandfather always told him, ''Jack, don't marry for the money.It's cheaper to borrow.'' And borrow he has - from me, mostly. I know I'll never collect from him.
FULL STORY


How to time the collection of CPP and OAS
TIM CESTNICK  

Friday, September 25, 2015

tcestnick@waterstreet.caThey say that a bird in the hand is worth two in the bush. But when it comes to government benefits for older Canadians, it's not as simple as that, because we're talking about different breeds of birds and different kinds of bushes.
FULL STORY


Old Age Security demystified
TIM CESTNICK  

Friday, September 18, 2015

tcestnick@waterstreet.caLast week I started a conversation about government retirement income and talked about the Canada Pension Plan. Today, I want to turn to the Old Age Security (OAS) program.
FULL STORY


A primer on government retirement income
TIM CESTNICK  

Friday, September 11, 2015

tcestnick@waterstreet.caEveryone needs income in retirement. Japanese Yakuza gangsters are no exception.A few years ago, the Japanese government created rules to allow former gangsters to collect government retirement benefits.
FULL STORY

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