Canadian Finance BlogBook Reviews – Canadian Finance Blog

Book Review – The RESP Book

Tom Drake — Tue, 09 Nov 2010 10:00:08 +0000

Since the birth of my child a little over a year ago, RESPs have been something that I’ve spent quite a bit of time looking into. With the CESG adding 20% to your contribution, and sheltering the money from taxes, RESPs are a great way to save up for when your child heads off to college or university.

Mike Holman, the blogger behind Money Smarts Blog, has put together a great resource in The RESP Book: The Complete Guide to Registered Education Savings Plans for Canadians. The book covers all the RESP account details, withdrawal rules and eligibility requirements. Mike even covers the provincial programs available in Alberta (ACES) and Quebec (QESI) and the additional grants for lower income families.

Ultimately, you can get an RESP without knowing every single rule and you’ll still get your CESG without any issue. But the most useful chapters are at the end and deal with how to get your RESP account started and some basic investing information for RESP accounts. In these chapters, Holman discusses the types of investments you could choose from (including my choice, the TD e-Series Funds) and how you go about getting your RESP setup.

I recommend The RESP Book to any new parents that want to help contribute to their child’s post-secondary education but are not sure where to start or how it all works. Mike Holman’s book provides everything you need to know about RESPs in an easy to read 115 pages.

Book Giveaway

To enter to win The RESP Book: The Complete Guide to Registered Education Savings Plans for Canadians, fill out the entry form below before the end of day on November 14th.

In addition to your first entry when filling out the contest form, you can get up to 5 bonus entries by doing any of the following:

Subscribe to the Canadian Finance Blog email, where you’ll get each article, 7 days a week with no spam emails. Please make sure you use the same email when you enter the draw.
Follow Canadian Finance Blog on Twitter and add your Twitter ID in the entry form.
Tweet one of our posts during the giveaway period (you can find a Tweet button at the bottom of any post).
Like the Canadian Finance Blog Facebook page and add your Facebook ID in the entry form.
Like one of our posts during the giveaway period (you can find a Like button at the bottom of any post)

This contest is for one copy of The RESP Book, and is open to anyone in Canada. The deadline for entries is Sunday, November 14th at 11:59PM MST and the winner 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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Book Review – The RESP Book originally appeared on Canadian Finance Blog on November 9, 2010.

Book Review – Master Your Money Management

Tom Drake — Mon, 18 Oct 2010 09:00:48 +0000

Master Your Money Management: How to manage the advisors who work for you, is the second book I’m reviewing in the “Master Your” series by The Knowledge Bureau. The previous title, Master Your Taxes, was written by Evelyn Jacks. For Master Your Money Management, The Knowledge Bureau used the expertise of Jim Ruta, who began as a financial advisor in 1977 and is now coaching financial advisors as president of Expert Institute.

The most important chapter may be Selecting a Great Advisor. In it, Jim points out what to look for in an advisor, ensuring that they specialize in you by asking the right questions, know their material and speak in plain language. There are also eight questions you should ask when interviewing a potential new advisor.

One part I question, but can’t exactly disagree with, is calling it a “myth” that fee-for-service is the only way to go. As the book mentions, there are commission based advisors that do a great job for their clients, and likewise, there are fee based advisors that may not be so great. However, finding a great fee-only financial planner removes any of the inherent conflict of interest that advisors have when they can make more money for themselves by recommending certain investments.

The chapter on monitoring your advisor and your results includes a lengthy advisor scorecard, with simple yes or no questions to help you decide if your advisor is helping you achieve the results you are hoping for. If they are not cutting it, or if some of the listed danger signs sound familiar, there is also advice on how to fire your financial advisor.

I recommend Master Your Money Management to those that realize they need the help of an advisor, but want to be part of the process. By working with your financial advisors, and not simply handing over your money, you will both be able to work towards the best result for your unique situation.

Book Giveaway

To enter to win Master Your Money Management: How to manage the advisors who work for you, leave a comment (use valid email address so I can contact the winner) on this post before the end of day on October 24th.

After leaving a comment so that I know you’re interested in the book, you can get bonus entries by doing either (or all three) of the following:

Subscribe to the Canadian Finance Blog email (box near top right of site), where you’ll get each article, 7 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!
Become a fan of the Canadian Finance Blog Facebook page.

This contest is for one copy of Master Your Money Management: How to manage the advisors who work for you, and is open to anyone in Canada. The deadline for entries is Sunday, October 24th at 11:59PM MST and the winner 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!

Book Review – Master Your Money Management originally appeared on Canadian Finance Blog on October 18, 2010.

Book Review – The Secret to a Successful Budget

Tom Drake — Mon, 23 Aug 2010 09:00:06 +0000

I’ve previously written about the importance of a budget to help you control your spending. Well now fellow Money Maven, Craig Ford from Money Help For Christians, has put together an e-book that will show you every aspect of putting together a budget. To see how much Craig knows budgeting, check out his debt snowball spreadsheet.

While The Secret to a Successful Budget sets out steps for creating an effective budget, Craig also shows other budgeting methods so you can find the way that works for you. For example, while some people may simply use a pen and paper to create a budget, I prefer to use Excel. I’m also looking forward to properly using Mint once it has all my Canadian bank accounts working.

A one size fits all approach does not work for budgeting. Whether you get paid monthly, bi-weekly or through freelance work, this book has tips for you. If you still can’t pay all your bills, or if you have money leftover, the book has answers for each situation.

The regular price will be $17, but for the launch of this e-book, Craig has lowered it to $12 until August 31st. So if you really want to set up a budget that will help to reduce your spending and find available money for savings, I recommend The Secret to a Successful Budget!

E-Book Giveaway

To enter to win The Secret to a Successful Budget, leave a comment (use valid email address so I can contact the winner) on this post before the end of day on August 24th. This draw is ending in two days so that you still have time to get the discount in case you don’t win!

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 two days!

This contest is for two copies of The Secret to a Successful Budget and is open to anyone in Canada and the United States. The deadline for entries is Tuesday, August 24th at 11:59PM MST and the winners will be contacted by email on Wednesday. There will be two winners, chosen with a random number generator from Random.org. Winners will have a special download link sent to them. Good luck!

Book Review – The Secret to a Successful Budget originally appeared on Canadian Finance Blog on August 23, 2010.

Book Review – Master Your Taxes

Tom Drake — Mon, 09 Aug 2010 09:00:33 +0000

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!

Book Review – Master Your Taxes originally appeared on Canadian Finance Blog on August 9, 2010.

Book Review – Money Smart Mom

Tom Drake — Mon, 21 Jun 2010 09:00:44 +0000

In the months leading up to when we had our baby in October, we got a couple books on how to save money with a baby on the way and which are the best products to buy. While these books were helpful, they were basically shopping guides, which is only a small piece of the puzzle when you’re about to have your first child. Thankfully there was also lots of great advice found on blogs with more tips on having a baby. However, there wasn’t a simple all inclusive book for Canadians. Sarah Deveau noticed this too, so she wrote Money Smart Mom: Financially Fit Parenting.

Wondering why I’m reading a book called Money Smart Mom? Well, other than maybe Chapter 2 which discusses maternity clothes and nesting, this book also applies to fathers-to-be who have the same concerns as the moms that want to know about topics like how much a child costs and the government programs available to you.

Chapter 5 is one that motivates me to take care of some of the items that I’ve been neglecting, like setting up our child’s RESP and getting our wills written up. Later chapters in the book provide info on things I haven’t even looked into yet, such as dealing with birthdays, getting pets and even going to school.

I highly recommend this book for any Canadians thinking of having their first child and for those with a baby already on the way or recently born. Money Smart Mom covers practically everything you should know but provides it in an easy to read style and packs it into only about 200 pages!

Book Giveaway

To enter to win Money Smart Mom: Financially Fit Parenting, leave a comment (use valid email address so I can contact the winner) on this post before the end of day on June 27th.

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 four days!

This contest is for one copy of Money Smart Mom: Financially Fit Parenting and is open to anyone in Canada. The deadline for entries is Sunday, June 27th 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!

Book Review – Money Smart Mom originally appeared on Canadian Finance Blog on June 21, 2010.

Book Review – Smart Tips For Estate Planning

Tom Drake — Tue, 27 Apr 2010 09:00:51 +0000

Smart Tips For Estate Planning, written by Marvin Toy and Jim Yih, aims to shed light on many different topics within the field of estate planning. Since the book is divided into five sections, let’s look at each one individually.

Essentials of Estate Planning

As the introductory section of the book, Toy and Yih share some common terminology and discuss the three main documents in an estate plan; the will, enduring power of attorney and health care directive. One of chapters in this section covers a question we’ve all likely wondered, whether you can write your own will or should you hire a lawyer? Not surprisingly, it’s recommended that you don’t write your own will, using an example of how a poorly structured sentence can be misinterpreted by your family and the courts. They also look into what laws and procedures are in place for when someone dies without a will.

Giving to the People You Love

Covers leaving money to your spouse and children, whether directly or through a trust. This spouse chapter also points out the assets you can give to your spouse outside of your will, such as RRSPs and life insurance. Your spouse and children are certainly not the only people you may want to leave something to, so there are chapters for giving to parents and friends. The final chapter in this section reviews the different options you have when designating your favourite charity as a beneficiary.

Key People in Your Estate Plan

While a relatively small section, it covers three very important people you’ll need to choose as part of your estate planning. An executor is who you’ll pick in your will to settle your estate. A trustee will legally own any assets you leave in trust, though they must adhere to the wishes you’ve outlined in your will. Choosing a guardian gives you the opportunity to say in your will who you want to raise your children.

Dealing with Specific Assets

Provides a more in-depth look at certain items such as jointly owned homes and bank accounts, as well as a cottage or other real estate holdings. There is also information for those with corporations, other business interests, and foreign assets.

More Estate Planning Issues

The final section wraps up some additional topics that you should consider while planning your estate. One great tip is the possibility of giving away some assets while you’re alive. Not only can you enjoy helping your loved ones, you can also avoid some probate tax and eventually leave a simpler state to deal with. Some of the additional outlying topics include organ donation and making your own funeral arrangements.

I recommend Smart Tips For Estate Planning for any Canadians that don’t have a proper estate plan. While the book is only meant to serve as an introduction, it does a great job of getting you to think of all the puzzle pieces that complete your estate planning picture.

Book Giveaway

To enter to win Smart Tips For Estate Planning, leave a comment (use valid email address so I can contact the winner) on this post before the end of day on April 30th.

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 four days!

This contest is for one copy of Smart Tips For Estate Planning and is open to anyone in Canada. The deadline for entries is Friday, April 30th at 11:59PM MST and the winners will be contacted by email on Saturday. 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!

Book Review – Smart Tips For Estate Planning originally appeared on Canadian Finance Blog on April 27, 2010.

Book Review – Make Sure It’s Deductible

Tom Drake — Thu, 15 Apr 2010 09:00:24 +0000

With only a couple weeks left until the tax deadline, you may be rushing to complete your return and file your taxes. However, you benefit the most from planning your taxes throughout the year. And if you really want to improve your tax situation, there is no better way than to have your own small business at home.

Evelyn Jacks, the author of Make Sure It’s Deductible, is possibly Canada’s most well known tax expert. She is the president of Knowledge Bureau and a member or the Task Force on Financial Literacy.

Make Sure It’s Deductible points out business expenses that you can write off, including how the home office portion of your housing expenses may also be deductible. Since the rules on what you can claim leave some room for interpretation, some expenses you claim may be a matter of creativity in how you organize your business and personal life. An earlier edition of this book was very helpful to me when I started this blog, realizing that I could claim for my home office and expenses such as domains, hosting, a computer and the business portion of my internet bill.

While at times the book may sound like it advocates starting a business simply for the tax advantages, Evelyn is careful to stress that you must be able to prove that you are actually conducting a business with a reasonable expectation to make a profit in the future.

Evelyn Jacks wrote the book in an easy to read style, often using examples of a typical business owner and referencing both CRA bulletins and precedents set by the courts. I recommend Make Sure It’s Deductible to anyone that either has a small business or has been considering starting one.

Book Giveaway

To enter to win one of two copies, leave a comment (use valid email address so I can contact the winners) on this post before the end of day on April 23rd.

After leaving a comment so that I know you’re interested in these books, 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 nine days!

This contest is for two copies of Make Sure It’s Deductible and is open to anyone in Canada. The deadline for entries is Friday, April 23rd at 11:59PM MST and the winners will be contacted by email on Saturday. There will be two winners, chosen with a random number generator from Random.org. If a winner does not reply within one week, a new name will be drawn. Good luck!

Book Review – Make Sure It’s Deductible originally appeared on Canadian Finance Blog on April 15, 2010.

Book Review – Benjamin Graham On Investing

Tom Drake — Tue, 15 Dec 2009 10:00:32 +0000

Benjamin Graham is well known as the mentor to Warren Buffett and for writing The Intelligent Investor and before that, Security Analysis. Even earlier than those two books, Benjamin Graham wrote for The Magazine of Wall Street between 1917 and 1927. Rodney G. Klein and David M. Darst have compiled these writings in their book, Benjamin Graham On Investing: Enduring Lessons From The Father Of Value Investing.

Benjamin Graham On Investing offers an interesting look at the events leading up to the stock market crash of 1929. Even more interesting is how some of theses events mirror our recent history.

While his later books would have completely formed and detailed ideas, these magazine articles are more succinct, but also lacking in the clarity that Graham would have after the market crash and into the Great Depression.

This book would not be the best choice for those looking to learn about investing, for that Benjamin Graham’s The Intelligent Investor who be more worthwhile. However, for those familiar with Benjamin Graham’s writing, this is a great read to gain further insight into the creation of value investing theory.

Book Giveaway

To enter, leave a comment (use valid email address so I can contact the winner) in this post.

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 week!

This contest for Benjamin Graham On Investing is open to anyone in Canada or the United States. The deadline for entries is Friday, December 18th at 11:59PM MST and the winner will be contacted by email on Saturday. There will be one winner, chosen with a random number generator from Random.org. Good luck!

Book Review – Benjamin Graham On Investing originally appeared on Canadian Finance Blog on December 15, 2009.

Book Review – The Secret Language of Money

Tom Drake — Wed, 02 Dec 2009 10:00:34 +0000

The Secret Language of Money: How to Make Smarter Financial Decisions and Live a Richer Life, written by David Krueger and John David Mann, is as much a psychology book as it is about personal finance. I found this made for an interesting read, since behavioral finance plays a major role in how we make our money decisions.

Much like what I wrote about the psychological effects of risk, many people will make mistakes similar to others. Because of this, you are likely to find your own money habits reflected in a few of the stories in this book. While you may recognize a familiar trait, I’m not completely sold that most are able to fight their natural tendencies.

For example, Dr. Krueger found that most people would say that they would need to make roughly double their current income to feel financially secure. This would happen whether they were currently making $50,000 and wanted $100,000 or if they were making $500,000 and wanted $1 million. While I find it very interesting to read this result, I can’t see it changing my view about how much income I feel I would need.

The Secret Language of Money is a great psychology book and a nice change of pace from most personal finance books. However, this might not be the book for those looking to change how they deal with their personal finances.

Book Giveaway

To enter, leave a comment (use valid email address so I can contact the winner) in this post.

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 The Canadian Finance Blog on Twitter and re-tweet any of our tweets during the week!

This contest for The Secret Language of Money is open to anyone in Canada or the United States. The deadline for entries is Friday, December 4th at 11:59PM MST and the winner will be contacted by email on Saturday. There will be one winner, chosen with a random number generator from Random.org. Good luck!

Book Review – The Secret Language of Money originally appeared on Canadian Finance Blog on December 2, 2009.

Canadian Finance Blog Book Giveaway

Tom Drake — Tue, 10 Nov 2009 10:00:58 +0000

With the launch of the new Canadian Finance Blog, I thought we should have a giveaway of some of the best investing books for any do-it-yourself investor. Thanks to McGraw-Hill, there will be three lucky winners getting one book each.

Consider subscribing by RSS or email to be the first to know about future giveaways. In upcoming book reviews, the contest will start the same day as the review and you could be the winner by the end of the week!

The Four Pillars of Investing (Review)

William Bernstein’s The Four Pillars of Investing gives investors the tools they need to construct top-returning portfolios–without the help of a financial adviser. In a relaxed, nonthreatening style, Dr. Bernstein provides a distinctive blend of market history, investing theory, and behavioral finance, one designed to help every investor become more self-sufficient and make better-informed investment decisions. The 4 Pillars of Investing explains how any investor can build a solid foundation for investing by focusing on four essential lessons, each building upon the other.

Stocks for the Long Run (Review)

Stocks for the Long Run set a precedent as the most complete and irrefutable case for stock market investment ever written. Now, this bible for long-term investing continues its tradition with a Fourth Edition featuring updated, revised, and new material that will keep you competitive in the global market and up-to-date on the latest index instruments. Wharton School professor Jeremy Siegel provides a potent mix of new evidence, research, and analysis supporting his key strategies for amassing a solid portfolio with enhanced returns and reduced risk.

Winning the Loser’s Game (Review)

Through five editions of Winning the Loser’s Game, Charles Ellis has shown investors how the markets really work and why most investors are their own worst enemies. Relying on simple data and historical facts, Ellis emphasizes in this new edition, that successful investors concentrate on long-term strategies that allow time, compounding, and the natural ebbs and flows of the market to work for them. Ellis’ central premise is simple and powerful: individual investors, while destined to lose money if they fight to beat the market, can achieve long-term success if they use the powers of the market…wisely; allowing the forceful rhythm of time to work for them.

How To Enter

To enter, leave a comment (use valid email address so I can contact the winners) in any article posted until the end of next week. Each day will give you one more chance to win!

After leaving at least one comment so that I know you’re interested in these books, 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 The Canadian Finance Blog on Twitter and re-tweet any of our tweets during the week!

This contest is for the three books above and is open to anyone in Canada or the United States. The deadline for entries is Friday, November 20th at 11:59PM MST and the winners will be contacted by email on Saturday. There will be three winners, chosen with a random number generator from Random.org. Once I email the winners, first response gets first choice of book, second response get’s second choice and third gets the remaining book. Good luck!

I’d like to congratulate Lyne, Karen Gonyea and CanadianDebtGirl, the winners of the Canadian Finance Blog Book Giveaway!

Canadian Finance Blog Book Giveaway originally appeared on Canadian Finance Blog on November 10, 2009.