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Thursday, March 23, 2017

Book Review: RRSP’s

Posted by Tim Stobbs on January 25, 2008

Well I recently had the pleasure to read a review copy of RRSP’s by Preet Banerjee who also writes the blog Where Does All My Money Go. Overall I have to say it is a very complete book of strategies that surround RRSP’s that is fairly easy to read due to Preet’s ability to inject some humour into a otherwise potentially boring read.

Preet provides 41 different strategies around RRSP’s. I like to think I know a fair about RRSP’s but I was even learning a few new things out of this book. It’s also about the only new book that only deal with RRSP’s since many of the big changes in the last few years (ie: no foreign content limit, max age increased to 71, etc) so it’s worth a read if nothing else to determine how all these new changes affect you.

Out of all 41 ideas he presents the last one is my personal favorite.  It’s how to piggy back a set monthly cash flow for investing on multiple items to produce up to a one time 70% gain on your original amount.  I actually like the idea so much I’m likely going to modify some of my cash flows in the future to take advantage of something similar to it.

So what didn’t I like about the book?  Nothing about the content, but rather the writing style in the book which uses a fair amount of CAPITAL LETTERS and ‘…’  which I found a bit distracting from the flow of reading the text.  Other people may not even notice it all that much, but it drove me a little crazy.  If you want to learn more about the book or order a copy see here.

Contest

But if you can’t wait to read it and you are frugal, you can also win a copy here (in case you haven’t won a copy yet on some of the other blogs doing reviews).  Preet was good enough to donate a copy.  So to enter you need to leave a comment on this post.  Open only to residents of Canada (let’s face no one else is going to read a book on RRSP’s). One entry per person.  Contest closes on Jan 31, 2007 at 8pm CST and the winner will be picked by a random number generator.

Have a good weekend everyone and best of luck.

Tim

Comments

44 Responses to “Book Review: RRSP’s”
  1. Chris says:

    Keep up the good work with your blog and sign me up for the contest :)

    I could sure learn new tips about RRSP to retire early!

  2. Chris L says:

    I really enjoy your reading your blog. Just came across it recently, slowly working my way through the archives. I’d love to be entered into this contest.

  3. Michelle says:

    I’ve only started reading your blog recently, but I am enjoying your perspective on Canadian Personal Finance! Please add me to the contest for this book.

  4. I haven’t read it yet so sign me up.
    MCM

  5. Ralph says:

    Tis the season for reading…

  6. Colleen says:

    Are you at liberty to give some details on that piggy-back strategy?

  7. cheryl says:

    Oh, sign me up for the contest. I’m trying to figure out what is going on with my savings (and how to save more). I just started reading your blog — you have some very interesting posts! Thank you.

  8. Chris H says:

    Yep, sign me up for the contest. This book has been getting decent reviews from all the blog authors, so it must be good.

  9. Canadian Dream says:

    Cheryl,

    Sure I can tell you, but I would still suggest reading the book to make sure this will work for you. It involves some leverage which some people don’t like to do (or should even bother doing). Preet covers the risks well in the book.

    Take out a investment loan and write off the interest. Then take that amount of your tax refund from the loan and put into your RRSP. Then take your RRSP refund and put into your childs’s RESP and get the 20% grant. Overall if your are in the highest tax bracket you can get around a 70% return on your orginal money.

    Neat eh?

    Tim

  10. nobleea says:

    oh pick me! pick me!!

  11. Rich Drouillard says:

    Sign me up, this should be a great way to get seriously started into RRSPs

  12. MM says:

    I’m interested in reading about the piggybacking strategy.

  13. Mike says:

    I’m holding my breath NOW!

  14. Cross the River says:

    Hurra for another contest!

  15. Stine says:

    Sounds like this book is right up my alley :D

  16. Pat says:

    Thanks for the contest, count me in, please.

  17. Quick Lunar Cop says:

    Yeah for promotions! Count me in!

  18. George says:

    Sure, count me in.

  19. Christine says:

    Sign me up for sure! Fingers crossed…

  20. Jesus says:

    Count me in for the draw

  21. David says:

    Another chance to win.. Sign me up please!

  22. snow_drops says:

    Count me in. I am newly acquainted with RRSP and could use a good reference to understand this more. Thanks.

  23. ELizabeth says:

    Count me in. I could use the advice.

  24. Marc R says:

    I just subscribed to your blog the other day and have enjoyed the info so far. This book sounds good. I’m really starting my personal finance journey this year and am looking for additional reading to get me on track. Would love to win a copy.

  25. stefan says:

    I wanna win!

  26. Jason says:

    Count me in for the contest! *fingers crossed*

  27. sundae1888 says:

    Seeing how I haven’t won any of the other contests that went on :/ , I’ll jump in to this one as well.

  28. othermike says:

    hope i win

  29. James says:

    Sign me up

  30. AN says:

    beats going to the library if I win.

    I feel lucky.

  31. Brian says:

    Hey, I would certainly like to win a copy of the book! I’m always looking for good advice.

  32. Kate says:

    Hoping I win seeing I may just have the worst luck in the world when it comes to contests!!

    Sign me up!

  33. JAL says:

    I’ve been avoiding retirement planning since the tech crash of a few years back. I just starting getting interested again recently, and stumbled on your site. I loved your series on how much you need to retire. It’s exactly the kind of information I’ve been looking for.

    Oh, and sign me up for the contest! It looks like an interesting read.

  34. Andrew says:

    Love your blog! Count me in the draw!
    *crosses fingers*

  35. Soo says:

    Please sign me up for the contest. Thank you so much for good information on your blog. I am about to start my 1st RRSP contribution this year. So it’s perfect time for me to read that book.

  36. Wayne says:

    It’s RRSP season, so I would love a copy of that book!

  37. Bill says:

    Great Stuff! I read via rss and this caught my eye.

    My parents are working out how to convert their rrsp’s and such (as they approach 70) and I’ll give this a read for any tips.

  38. craig says:

    ….and I’m in!

  39. Jazmin says:

    I’m still trying to work out my investing strategies (RRSPs vs non registered vs.. I’ve no idea). The book’d be some handy. :) Take care!

  40. JT says:

    Enjoy reading your blog!

  41. Brian says:

    Kindly sign me up for the “RRSP Book” contest.

  42. Marc R says:

    A different Marc R than signed up above. I’ve enjoyed your blog for a few months. Keep up the good work, and please enter me into the contest for this book. Thanks!

  43. Radha says:

    I look forward to owning and reading this book. I am a new immigrant to Canada. Getting into RSSP is probably the need of the hour for me.

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