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If you’re looking for your own original plans to enhance your tax and financial situation, consider these ideas today, Now that the new year is here, it’s time to come up with creative ideas to improve your financial life in 2025. My good friend Joel loves fitness and has [...]

Byline: TIM CESTNICK TAX MATTERS FCPA, FCA, CPA(IL), CFP, TEP, author and co-founder and CEO of Our Family Office Inc. Now that the new year is here, it's time to [...]

Like most Canadians, Santa is expected to be affected by a planned increase in the capital gains inclusion rate, On June 14, 2022, Canada and Denmark agreed to split the Arctic territory of Hans Island about 50-50. The good news? Santa lives on the Canadian side of the island. [...]

Byline: TIM CESTNICK FCPA, FCA, CPA(IL), CFP, TEP, author, and co-founder and CEO of Our Family Office Inc. He can be reached at tim@ourfamilyoffice.ca. M y grandfather used to tell [...]

A look at the motivations that inspire acts of charity, People have come up with many creative ways to help charities. Take “https://atlantic.ctvnews.ca/bedford-high-school-marks-30th-anniversary-of-infamous-escape-with-the-return-of-cow-patty-bingo-1.6896856,” for example, which was recently played at Charles P. Allen High School in Bedford, N.S. In the [...]

Byline: TIM CESTNICK FCPA, FCA, CPA(IL), CFP, TEP, author, co-founder and CEO of Our Family Office Inc. Did you catch the Mike Tyson/Jake Paul fight a couple of weeks ago? [...]

Byline: TIM CESTNICK FCPA, FCA, CPA(IL), CFP, TEP, author, and co-founder and CEO of Our Family Office Inc. He can be reached at tim@ourfamilyoffice.ca. Last month, Tizi Hodson, 70, from [...]

Byline: TIM CESTNICK FCPA, FCA, CPA(IL), CFP, TEP, author, co-founder and CEO of Our Family Office Inc. I've been self-employed for many years of my working life. One of the [...]

Self-employed folks enjoy the benefit of being able to deduct almost any costs incurred while earning income from their business, I’ve been self-employed for many years of my working life. One of the best things about being self-employed is that you can choose which 18 hours each day that you [...]

There are things people can do before year-end to save tax. Let’s look at the top 10 strategies, Jeremy is a young man in his twenties who’s a neighbour and living with his parents. He’s not working at the moment, but he told me the other day he [...]

Byline: TIM CESTNICK TAX MATTERS FCPA, FCA, CPA(IL), CFP, TEP, author, and co-founder and CEO of Our Family Office Inc. He can be reached at tim@ourfamilyoffice.ca. Jeremy is a young [...]

Byline: TIM CESTNICK TAX MATTERS FCPA, FCA, CPA(IL), CFP, TEP, author, co-founder and CEO of Our Family Office Inc. After the last little ghosts and goblins leave your front door [...]

Six tax strategies to revisit to maximize your savings, After the last little ghosts and goblins leave your front door with their haul of candy tonight, we’ll be into the home stretch of the year. That’s a good time [...]

Byline: TIM CESTNICK TAX MATTERS FCPA, FCA, CPA(IL), CFP, TEP, author, and co-founder and chief executive of Our Family Office Inc. He can be reached at tim@ourfamilyoffice.ca. Warren Buffett once [...]

Byline: TIM CESTNICK TAX MATTERS FCPA, FCA, CPA(IL), CFP, TEP, author, and co-founder and CEO of Our Family Office Inc. He can be reached at tim@ourfamilyoffice.ca. My good friend Steve [...]

There are still meaningful opportunities to save tax dollars around your portfolio before year-end, My good friend Steve is about as aggressive an investor as you’ll find. “Steve, why are you putting so much of your money at risk?” I asked him. “Tim, I [...]

Byline: TIM CESTNICK TAX MATTERS FCPA, FCA, CPA(IL), CFP, TEP, author and co-founder and CEO of Our Family Office Inc. He can be reached at tim@ourfamilyoffice.ca One of the first [...]

Beware of these pitfalls if your children are seeking financial help from the bank of mom and dad, One of the first personal finance lessons young people learn is that a bank is a place that will lend you money if you can prove that you don’t need [...]

Byline: TIM CESTNICK TAX MATTERS FCPA, FCA, CPA(IL), CFP, TEP, author, and co-founder and CEO of Our Family Office Inc. He can be reached at tim@ourfamilyoffice.ca. When I was 15 [...]

Byline: TIM CESTNICK TAX MATTERS FCPA, FCA, CPA(IL), CFP, TEP, author and co-founder and CEO of Our Family Office Inc. He can be reached at tim@ourfamilyoffice.ca. My neighbour, Jack, turned [...]

Thousands of Canadians are worried about outliving their RRIFs and rules that require withdrawals starting in the year they reach 72, My neighbour, Jack, turned 72 last weekend. He still has a ton of energy, and still works. “Retirement at 65 is crazy” Jack said. “When I was 65, I still [...]

Regardless of the adjusted cost base of the assets, the double-tax issue is a consistent problem. Here are three ways to address it, https://www.theglobeandmail.com/investing/personal-finance/taxes/article-understand-the-double-tax-problem-that-faces-canadians-with-holding/ I shared the example of a taxpayer named Wendy who owns $1-million of investments. I compared the taxes owing after her death if she owned them personally versus in [...]

Byline: TIM CESTNICK TAX MATTERS FCPA, FCA, CPA(IL), CFP, TEP, is an author, and co-founder and CEO of Our Family Office Inc. He can be reached at tim@ourfamilyoffice.ca. Last week [...]

Whatever your reason for having a holding company, there can be a double tax problem that arises on your death, I don’t really believe in good or bad luck. I like the words of the late business management expert Eliyahu Goldratt when he said: “Good luck is when opportunity meets [...]

Byline: TIM CESTNICK TAX MATTERS FCPA, FCA, CPA(IL), CFP, TEP, author, and co-founder and CEO of Our Family Office Inc. He can be reached at tim@ourfamilyoffice.ca. This week was a [...]

Most people don’t think about it as a savings vehicle, but life insurance has some important attributes which can make it effective for accumulating investments, This week was a memorable postsecondary week for our daughter, who attended her first astronomy class of her master’s program in university. Apparently, the professor asked the students to explain [...]

Byline: TIM CESTNICK TAX MATTERS FCPA, FCA, CPA(IL), CFP, TEP, an author, and co-founder and CEO of Our Family Office Inc. He can be reached at tim@ourfamilyoffice.ca One of my [...]

Keep in mind that withdrawals from an RESP can be used to cover more than just tuition – and other tips, One of my son’s friends is studying veterinary medicine in university. He leaves this week for school, and I asked him what courses he’s taking this year. “I’m taking all [...]

The approach taken by Mr. Tavares was simply taking advantage of planning allowed by the Canada-U.S. tax treaty. He could have structured his compensation in a more tax-aggressive manner. But he didn’t, Last week, I shared details about the battle that Toronto Maple Leaf John Tavares is having with the Canada Revenue Agency. His story is important because it has greater implications [...]

Byline: TIM CESTNICK TAX MATTERS FCPA, FCA, CPA(IL), CFP, TEP, author, and co-founder and CEO of Our Family Office Inc. He can be reached at tim@ourfamilyoffice.ca. Last week, I shared [...]

Nature of former Toronto captain’s signing bonus remains in dispute even after reassessment, Tim Cestnick, FCPA, FCA, CPA(IL), CFP, TEP, is an author, and co-founder and CEO of Our Family Office Inc. He can be reached at (mailto:tim@ourfamilyoffice.ca) tim@ourfamilyoffice.ca . The life of [...]

Byline: TIM CESTNICK TAX MATTERS FCPA, FCA, CPA(IL), CFP, TEP, author, and co-founder and CEO of Our Family Office Inc. He can be reached at tim@ourfamilyoffice.ca. The life of a [...]

Byline: TIM CESTNICK TAX MATTERS FCPA, FCA, CPA (IL), CFP, TEP, author, co-founder and CEO of Our Family Office Inc. He can be reached at tim@ourfamilyoffice.ca Carolyn and I were [...]

Four tips from my father for how business owners can be financially secure in retirement, The first job I ever had was cleaning toilets. My boss took me aside one day and asked: “What are your thoughts on nepotism in the workplace?” “You know, Dad, [...]

Byline: TIM CESTNICK TAX MATTERS FCPA, FCA, CPA(IL), CFP, TEP, author, and co-founder and CEO of Our Family Office Inc. He can be reached at tim@ourfamilyoffice.ca. The first job I [...]

Byline: TIM CESTNICK TAX MATTERS FCPA, FCA, CPA(IL), CFP, TEP, and an author, and co-founder and CEO of Our Family Office Inc. He can be reached at tim@ourfamilyoffice.ca I remember [...]

AI could help the CRA assess whether there’s sufficient third-party information to accurately calculate a particular taxpayer’s liability, Preparing tax returns is complicated. I think the Canada Revenue Agency should come up with a better way to help. Maybe a GPS device for taxpayers makes sense. During the [...]

Byline: TIM CESTNICK TAX MATTERS FCPA, FCA, CPA(IL), CFP, TEP, an author, and co-founder and CEO of Our Family Office Inc. He can be reached at tim@ourfamilyoffice.ca. Preparing tax returns [...]

Continually increase taxes on the top income-earners, making Canada a less attractive place to live, work, and create businesses, and they stop coming to dinner, There’s no shortage of government rhetoric claiming the rich aren’t paying their fair share of taxes. According to the 2024 federal budget: “The wealthy are currently able to benefit from [...]

TAX MATTERS FCPA, FCA, CPA(IL), CFP, TEP, author, co-founder and chief executive officer of Our Family Office Inc. He can be reached at tim@ourfamilyoffice.ca There's no shortage of government rhetoric [...]

Byline: TIM CESTNICK TAX MATTERS FCPA, FCA, CPA(IL), CFP, TEP, author, and co-founder and CEO of Our Family Office Inc. He can be reached at tim@ourfamilyoffice.ca. Every summer my kids [...]

Byline: TIM CESTNICK TAX MATTERS FCPA, FCA, CPA(IL), CFP, TEP, and is an author, co-founder and CEO of Our Family Office Inc. He can be reached at tim@ourfamilyoffice.ca. When Carolyn [...]

Byline: TIM CESTNICK Author and co-founder and CEO of Our Family Office Inc. He can be reached at tim@ourfamilyoffice.ca. Our son Win got married on the weekend to Sarah. I [...]

Personal finance moves to make when tying the knot include informing the CRA of your martial status and creating or updating a will, Our son Win got married on the weekend to Sarah. I had a conversation with him before they left on their honeymoon, explaining that he needs to get good at [...]

Byline: TIM CESTNICK TAX MATTERS FCPA, FCA, CPA(IL), CFP, TEP, author, co-founder and CEO of Our Family Office Inc. He can be reached at tim@ourfamilyoffice.ca I have nothing against crickets. [...]

These seven estate planning ideas may result in huge tax savings after death, My great-aunt Joan was a little eccentric. She was an animal lover and had a great sense of humour. Aunt Joan outlived my Uncle Kerry, and when she died, she [...]

Byline: TIM CESTNICK TAX MATTERS FCPA, FCA, CPA(IL), CFP, TEP, author, co-founder and CEO of Our Family Office Inc. He can be reached at tim@ourfamilyoffice.ca M y great-aunt Joan was [...]

From filing tax returns to claiming tuition and student loan interest, here are nine steps students should take, My son had a bunch of friends from university over on the weekend. I asked the group: “Do you all have exams this week?” One of the young men announced [...]

The 2023 Fall Economic Statement proposed new rules to deny tax deductions for short-term rentals that do not comply with municipal or provincial rules, We’ve been planning a trip to attend my niece’s wedding this summer. My wife, Carolyn, was speaking with a guy who owns several short-term rental homes. “Do you want a [...]

In most cases, the facts of your situation will point to whether capital or income treatment is appropriate, When filing your tax return you have to decide how to report your profits and losses on the sale of securities, crypto assets, real estate, and many other assets. It’s [...]