Evelyn Jacks wrote Master Your Taxes: How to maximize your after-tax returns, which is one title in a series of books from authors at the Knowledge Bureau that I’ll be reviewing in the coming months. As I mentioned in my review of Make Sure It’s Deductible, Evelyn is considered one of the top experts regarding taxes. While that book helps readers know about the tax advantages of owning your own business, this one can benefit anyone by looking at the individual and family tax savings opportunities.
The second chapter starts off with something that most of us are guilty of… getting a tax refund. While it may feel good to get a large sum of free money, it was your money to begin with and you simply gave the government an interest free loan. You would be better off getting your money when you earn it and investing it throughout the year.
Other parts of the book cover topics like incoming splitting within your family and using the the government plans to deffer tax (RRSP, RRIF, RESP, RDSP, etc.) or avoid it entirely (TFSA).
A chapter that you can put into practice right away dealt with “tackling the return”. In it, there are many suggestions on how to stay organized throughout the year and keep your information, statements and receipts under control. This is true with anything related to your finances, keeping everything organized will save you money in the long run.
I think Master Your Taxes would be a great read for any Canadian since it can open your eyes to the tax system and what you can do to increase the after-tax money available to you.
Book Giveaway
To enter to win Master Your Taxes: How to maximize your after-tax returns, leave a comment (use valid email address so I can contact the winner) on this post before the end of day on August 15th.
After leaving a comment so that I know you’re interested in the book, you can get bonus entries by doing either (or both) of the following:
- Subscribe to the Canadian Finance Blog email, where you’ll get each article, 5 days a week with no spam emails. If you’re already subscribed and leave a comment, you will automatically get this bonus entry!
- Follow Canadian Finance Blog on Twitter and re-tweet any of our tweets during the seven days!
This contest is for one copy of Master Your Taxes: How to maximize your after-tax returns and is open to anyone in Canada. The deadline for entries is Sunday, August 15th at 11:59PM MST and the winners will be contacted by email on Monday. There will be one winner, chosen with a random number generator from Random.org. If the winner does not reply within one week, a new name will be drawn. Good luck!
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Tom Drake is the owner and head writer of Canadian Finance Blog.
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Is it weird that I don’t mind doing my taxes, granted mine are fairly simple, but I’m no accountant. Just a fan of math I guess.
Hi! I would love a copy of this book!
I’m in for a chance at that book!
I’ve had the Tax Refund conversation with my wife before, but she still likes getting them. I’ve found that my friends are reluctant to approach payroll for adjusting the tax rate on their paycheque. Some were even told that they could not be changed.
With interest rates like they are, it’s almost like a forced savings plan
I’d love to win this book! I’ll be putting it on my ‘to buy/borrow’ list if I’m not the lucky one
Sign me up!
Thank you for the opportunity to win this book
this is a great opportunity to get on the right path to financial success … sign me up for the book
Sounds like a great book!
I would love copy of this book. I will certainly be picking up a copy if I’m not lucky enough to win a copy.
Put me down for a copy! I am always looking for higher tax returns.
I have only been recieving your email blog for 2 weeks and find it very interesting reading. Keep up the good work, and include me as one that would like a free copy of Master your Taxes.
Thanks again,
Bill
Count me in!
I also like receiving a refund, albeit a modest one. As mentioned above, its a forced savings plan.
Count me in!
Even though I track my money on a monthly basis and do my own taxes, it’s almost impossible for me to gague how much or a tax return I’ll get at the end of the year. That makes it difficult to have my taxes reduced.
So, instead I usually end up investing my refund in RRSPs and getting even more of a refund because of it!
I’d love a copy of the book though
I would love a copy of the book! I am not currently subscribing through email but I do read daily via GoogleReader – I hope this counts for an extra entry!
(I am not on Twitter so I can’t go that route)