Book Review: RRSP’s

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

44 thoughts on “Book Review: RRSP’s”

  1. 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. 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. 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. 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.

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

  6. 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

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

  8. 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.

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

  10. 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.

  11. 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.

  12. 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.

  13. 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!

  14. 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!

  15. 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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