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About the Author
Tim Cestnick, CFP, TEP, is one of Canada's most respected experts and public speakers in the area of tax and personal finance. Tim is a Principal with the WaterStreet Group, a firm he co-founded to serve the financial needs of high-net-worth individuals. Previously he was Managing Director, National Tax Services, at AIC Limited, and before that with Deloitte & Touche. Tim consults and speaks in all areas of personal taxation. He travels extensively throughout Canada and continues to be one of Canada's most recognized and entertaining authorities in the field of tax and personal finance.
He has completed the CICA's In-Depth Tax Course, the Canadian Securities Course, and is a member of the Canadian Tax Foundation. Tim shares his knowledge as a member of the teaching faculty of the Institute of Chartered Accountants of Ontario. In 2003, Tim was inducted as a fellow of that Institute. In addition to his CA designation, he is a Certified Public Accountant (CPA) in the United States (Illinois), a Certified Financial Planner (CFP), and a Trust and Estate Practitioner (TEP).
Tim is a frequent guest in the national media. He writes a bi-weekly column in The Globe and Mail and regularly appears on Canada AM, ROB TV, CBC Newsworld, and many investment programs on both television and radio across the country.
Table of ContentsAcknowledgements.
Tax Planning Tip Sheet,
Foreword: Stepping Up to the Plate.
Changes Making the Headlines.
Chapter 1: Pre-Game Warm-Up: The Basics of Tax Planning.
Playing by the Rules.
Knowing the Numbers Game.
Timing Your Taxes.
Fighting When You’re Right.
Chapter 2: Home Team Advantage: Tax Planning for the Family.
Splitting Family Income.
Educating the Family.
Heading for Home.
Claiming Family Care Costs.
Surviving Separation and Divorce.
Chapter 3: Signing with the Team: Strategies for Employees.
Optimizing Employment Benefits.
Claiming Employment Deductions.
Driving Automobiles on the Job.
Calling It Quits.
Chapter 4: Becoming a Free Agent: Strategies for Self-Employment.
Jumping on the Bandwagon.
Choosing Your Business Structure.
Claiming Business Deductions.
Adding Up the Tax Hits.
Chapter 5: Bulls, Bears, and Baseball: Strategies for Investors.
Investing in a Tax-Smart Manner.
Understanding Tax-Smart Strategies.
Sheltering Income with Life Insurance.
Borrowing to Invest: Leveraging.
Chapter 6: Earning the Gold Glove: Strategies for Retirement.
Understanding RRSP Basics.
Contributing to Your RRSP.
Withdrawing from Your RRSP.
Benefiting from RRIFs and Annuities.
Understanding Registered Pension Plans.
Chapter 7: American League Rules: United States' Connections.
Reporting Your U.S. Income.
Profiting from U.S. Real Estate.
Cutting Your Gambling Losses.
Considering U.S. Estate Taxes.
Chapter 8: A League of Their Own: Provincial Tax Issues.
Walking to a Different Drummer.
Chapter 9: Bottom of the Ninth: Planning for Your Estate.
Knowing What to Expect.
Giving It Away Today.
Giving It Away at Death.
Providing Tax-Free Death Benefits.
Planning for U.S. Estate Taxes.
Glossary of Abbreviations.
Marginal Tax Rates for 2009.
Federal Personal Tax Rates for 2009.
Provincial Personal Tax Rates for 2009.
Federal Personal Tax Credits for 2009.
Additional Federal Tax Credits.
Canada Pension Plan Contributions 2009.
Employment Insurance Premiums 2009.
Old Age Security Benefits.
Canada Pension Plan Benefits.
RRSP Contribution Limits.
Minimum Annual RRIF Withdrawals.