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| How to structure a cash-saving instalment payment plan
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TIM CESTNICK
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Thursday, September 09, 2010
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Tim Cestnick is president and CEO of WaterStreet Family Wealth Counsel and author of 101 Tax Secrets for Canadians.tcestnick@waterstreet.ca I was on a plane travelling to Vancouver this week. I can handle turbulence - it doesn't bother me at all, but this trip was an exception. For whatever reason, our plane bounced around an awful lot. The man beside me handled it pretty well. He had enough drinks that it just didn't bother him. ''I don't care if we crash - take her down,'' he said in a slur. The man across the aisle, on other hand, was in a panic. Apparently he had a lot to live for.
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| Unconventional ways of paying for a postsecondary education
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TIM CESTNICK
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Thursday, September 02, 2010
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Tim Cestnick is president and CEO of WaterStreet Family Wealth Counsel and author of 101 Tax Secrets for Canadians.tcestnick@waterstreet.ca Now that my kids have decided they want to be brain surgeons, I've been thinking about how to pay for their postsecondary education. Two methods of saving for a child's education are often overlooked. The first is a family trust, and the second is life insurance.
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| Paying for college: Beg, borrow, steal, sweat, save
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TIM CESTNICK
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Friday, August 27, 2010
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Tim Cestnick is president and CEO of WaterStreet Family Wealth Counsel and author of 101 Tax Secrets for Canadians.tcestnick@waterstreet.ca As I was searching the news archives this week for articles dealing with the education of our children, I found some interesting headlines. ''Kids Make Nutritious Snacks,'' ''Teacher Strikes Idle Kids,'' and ''Local High School Dropouts Cut in Half,'' are just a few I found by way of The Star Tribune in Minneapolis, which went through the trouble of collecting such classics back in March, 2000.
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| How to beg, borrow or steal your child's way to a higher education
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TIM CESTNICK
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Thursday, August 19, 2010
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Tim Cestnick is president and CEO of WaterStreet Family Wealth Counsel and author of 101 Tax Secrets for Canadians.tcestnick@waterstreet.ca Aside from the long-term financial benefits of a postsecondary education, the life experiences acquired along the way will shape the perspectives and potential of tomorrow's leaders. A friend of mine attended a college in Claremont, Calif., back in 1996. At that time he was part of a class project working to develop an alternative manure-based fuel supply for Guatemalans in a village where firewood was scarce. In order to produce realistic, village-based waste, my friend was instructed to eat only beans, rice and tortillas for a week. Unfortunately, the diet made him constipated and the project was scrapped when it couldn't be finished by the due date.
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| How to control the type and timing of your tax bill
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TIM CESTNICK
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Friday, August 13, 2010
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Tim Cestnick is president and CEO of WaterStreet Family Wealth Counsel and author of 101 Tax Secrets for Canadians.tcestnick@waterstreet.ca This week, I was sitting on a park bench down by the waterfront in Oakville, Ont. Three elderly gentleman were at a picnic table close by and, though I couldn't make out everything they were saying, it sounded like a story I'd heard before. I'll call them Larry, Curly and Moe. I think it went something like this:
FULL STORY
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| How a planned tax savings might backfire
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TIM CESTNICK
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Thursday, August 05, 2010
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Tim Cestnick is managing director at WaterStreet Family Wealth Counsel and author of 101 Tax Secrets for Canadians.tcestnick@waterstreet.ca Some things just seem a little backward. Take my cousin Julia's situation for example. Julia is an environmentalist - a self-proclaimed ''tree-hugger,'' to use her words. Her husband is a competitive swimmer. She doesn't shave her legs, but he shaves his. It just seems backward to me.
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| Tangling with the taxman over losses
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TIM CESTNICK
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Thursday, July 29, 2010
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Tim Cestnick is managing director at WaterStreet Family Wealth Counsel and author of 101 Tax Secrets for Canadians.tcestnick@waterstreet.ca My family and I went out for dinner last week. Whenever we go out to eat, the kids never finish their meals. So I end up eating their leftovers. That's right, I'm the dog with the credit card.
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| It pays to invest with the taxman in mind
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TIM CESTNICK
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Thursday, July 22, 2010
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Tim Cestnick is managing director at WaterStreet Family Wealth Counsel and author of 101 Tax Secrets for Canadians.tcestnick@waterstreet.ca I have a good friend who's a personal trainer. He often talks to me about proper nutrition. Last time we spoke he was singing the praises of eating 25 grams of fibre daily. I'm actually very good about eating properly. In fact, I ate so much fibre yesterday that I'm a little concerned I might pass wicker furniture if I'm not careful. Proper nutrition is not something you have to focus on. But if you ignore it, you'll suffer for it later.
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| How to get ahead by finding 'tax alpha'
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TIM CESTNICK
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Thursday, July 15, 2010
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Tim Cestnick is managing director at WaterStreet Family Wealth Counsel and author of 101 Tax Secrets for Canadians.tcestnick@waterstreet.ca When I had lunch with my friend Rob two weeks ago, we started talking about his investment portfolio, and specifically about ''alpha.'' Rob is a physicist by profession, and I've learned that if you want to confuse a rocket scientist, just starting talking to him about alpha. ''Tim, I don't understand what protons, two neutrons and helium have to do with my money,'' Rob said, confusing the concept of alpha particles with portfolio alpha.
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| Guaranteed returns easy as finding 'tax alpha'
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TIM CESTNICK
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Thursday, July 08, 2010
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Tim Cestnick is managing director at WaterStreet Family Wealth Counsel and author of 101 Tax Secrets for Canadians.tcestnick@waterstreet.ca I had lunch with my good friend Rob this week. We were talking about his work, and then the conversation turned to his investments. ''Tim, I'm beginning to think that the firm managing my money is a lot like my employer.''
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| Home ownership comes with hassles - and tax breaks
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TIM CESTNICK
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Friday, July 02, 2010
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Tim Cestnick is managing director at WaterStreet Family Wealth Counsel and author of 101 Tax Secrets for Canadians.tcestnick@waterstreet.ca Some people have the worst kind of luck. I think about my friend Janice. She bought a home seven years ago and has had nothing but mishaps since.
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| Holding companies can help
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TIM CESTNICK
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Friday, June 25, 2010
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Tim Cestnick is managing director at WaterStreet Family Wealth Counsel and author of 101 Tax Secrets for Canadians.tcestnick@waterstreet.ca This summer when you're standing around the barbecue with your business-owner neighbours, impress them with your knowledge of tax planning.
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| Summertime is here, and the giving is easy
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TIM CESTNICK
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Thursday, June 17, 2010
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Tim Cestnick is managing director at WaterStreet Family Wealth Counsel and author of 101 Tax Secrets for Canadians.tcestnick@waterstreet.ca Okay, so it's the summertime. We're not supposed to talk about snow in the summer. Or hockey (well, hockey is okay - it's our national pastime). We're not supposed to think about pumpkins, leaves turning colour, or - heaven forbid - charitable giving. Isn't charitable giving that thing you do in December each year just before the deadline for obtaining a donation tax credit for the current year? Yup. That's the approach most people take to charitable giving. Too bad, really.
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| A painful education in funding kids' tuition
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TIM CESTNICK
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Friday, June 11, 2010
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Tim Cestnick is managing director at WaterStreet Family Wealth Counsel and author of 101 Tax Secrets for Canadians.tcestnick@waterstreet.ca There are a lot of movies out there with predictable endings. The good guy comes out victorious, marries the girl, and the bad guy is the loser. Predictable.
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| Don't forget your RESP in your will
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TIM CESTNICK
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Friday, June 04, 2010
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Tim Cestnick is managing director at WaterStreet Family Wealth Counsel and author of 101 Tax Secrets for Canadians.tcestnick@waterstreet.ca My neighbour, Ian, is getting a little frustrated with his son.
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| Splitting the spoils when breaking up
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TIM CESTNICK
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Thursday, May 27, 2010
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Tim Cestnick is managing director at WaterStreet Family Wealth Counsel and author of 101 Tax Secrets for Canadians.tcestnick@waterstreet.ca I remember my grandfather many years ago getting a root canal. He told me that he'd prefer just about any misfortune over a root canal any day. I have to believe that thousands of Canadians feel differently. I'm thinking of the many people who have gone through - or are going through - a marriage breakdown. Between divorce and a root canal, the dentistry may look appealing - and definitely much easier on the wallet.
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| Selling the keys to the family cottage
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TIM CESTNICK
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Monday, May 24, 2010
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Tim Cestnick is managing director at WaterStreet Family Wealth Counsel and author of 101 Tax Secrets for Canadians.tcestnick@waterstreet.ca Last week I started a conversation about the family cottage. I mentioned that there are generally three ways to handle your succession plan for the cottage: Give it away, sell it to family, or sell it outside the family. Last week I dealt with giving it away. Today, let's talk about selling the cottage.
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| Passing along the keys to the coveted family cottage
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TIM CESTNICK
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Thursday, May 13, 2010
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Tim Cestnick is managing director at WaterStreet Family Wealth Counsel and author of 101 Tax Secrets for Canadians.tcestnick@waterstreet.ca ***Spring is here and summer is on the way. If you're like many Canadians, you might be heading to the cottage in the next couple of weeks to put the boat in the water and do some spring cleaning. My cottage is really easy to look after. I can drive to Muskoka and in 12 minutes have the place ready to go. It's called a tent. And it comes with a skylight - a rip in the canvas. That's right - canvas.
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| Ways to use your tax refund wisely
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TIM CESTNICK
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Thursday, May 06, 2010
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Tim Cestnick is managing director at WaterStreet Family Wealth Counsel and author of 101 Tax Secrets for Canadians.tcestnick@waterstreet.ca This year, I'm expecting a tax refund of $1,208.48. It hasn't arrived yet, but when it does, I've got an important decision to make: What to do with all that cash?
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| You screwed up your taxes, now what?
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TIM CESTNICK
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Friday, April 30, 2010
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Tim Cestnick is managing director at WaterStreet Family Wealth Counsel and author of 101 Tax Secrets for Canadians.tcestnick@waterstreet.ca Taxes can be intimidating for some people. Don't let your tax return scare you. Think of this tax filing exercise as an open-book test. Did you ever write one? They gave you the book, for crying out loud. The answers are right in front of you. And to be truthful, filing your tax return is even better than an open-book test because there isn't always one right answer, and you're allowed to choose the answer that gives you the best mark - that is, the lowest tax bill - as long as you're not lying when you complete the forms.
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| Courts rule the 'tie goes to the taxpayer'
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TIM CESTNICK
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Thursday, April 22, 2010
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Tim Cestnick is managing director at WaterStreet Family Wealth Counsel and author of 101 Tax Secrets for Canadians. tcestnick@waterstreet.ca Last year my son, Win, played organized baseball for the first time. He's a good athlete who played on the select team for the town of Huntsville in Muskoka, Ont. We're not from Huntsville, but our kids spend much of their time in that neck of the woods in the summer. Hunstville Minor Baseball is always looking for kids who may be spending time there in the summer and who may be interested in playing competitive baseball for a brief season.
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| Self-employment a great tax shelter, but comes with some distinct disadvantages
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TIM CESTNICK
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Thursday, April 15, 2010
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Tim Cestnick is managing director at WaterStreet Family Wealth Counsel and author of 101 Tax Secrets for Canadians. tcestnick@waterstreet.ca People try to make money in all kinds of ways. In May, 2002, The New York Times reported the story of Steven Olson, who was awarded a patent by the U.S. patent office to protect a method of swinging on a swing. Mr. Olson, who was five years old at the time, and his father - a patent attorney - discovered that it's possible to swing in an oval arc pattern if you pull the chain or rope of the swing in a particular manner, and kick your feet in a certain way. So, don't try this at home unless you're licensed to use the technique.
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| If you're self-employed, save by knowing what to claim
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TIM CESTNICK
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Thursday, April 08, 2010
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Tim Cestnick is managing director at WaterStreet Family Wealth Counsel and author of 101 Tax Secrets for Canadians. tcestnick@waterstreet.ca Okay, so you think you have a great business idea. Self-employment, even part-time, might be in your future. Just beware that not all business ideas are so great.
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| Tax savings on losses from home business aren't forever
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TIM CESTNICK
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Thursday, April 01, 2010
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Tim Cestnick is managing director at WaterStreet Family Wealth Counsel and author of 101 Tax Secrets for Canadians. tcestnick@waterstreet.ca I don't have many expensive habits. I don't smoke and I don't drink much, so I'm not going to save much money by cutting those vices out of my life. No, while some people spend money on these things, I spend money on skate sharpening. Don't get me wrong, having three kids playing hockey is a lot of fun - but I figure I've spent $350 on skate sharpening this year. The new flat-bottom ''V'' method of sharpening isn't cheap, you know.
FULL STORY
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| Use your ABIL-ity to claim losses
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TIM CESTNICK
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Friday, March 19, 2010
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Tim Cestnick is managing director at WaterStreet Family Wealth Counsel and author of 101 Tax Secrets for Canadians. tcestnick@waterstreet.ca ***Last summer, my kids decided they wanted to make some money. My daughter Sarah did this by making earrings and necklaces out of supplies that I bought her at the store. She sold them to friends and family and made $27.50 in the process. What she doesn't really understand yet is that the supplies cost me $34.75. So, I lost money on the deal.
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