With traditional pension plans covering less and less numbers of Canadians, RRSPs are supposed to take their place. But, a significant number of Canadians don’t even have a RRSP and only a tiny fraction contribute the maximum every year. One of the reasons for this sad state of affairs is a lack of awareness – even people who contribute to a RRSP are under the impression that it is an “investment” they have to buy to save some tax within the deadline. Preet Banerjee, a stock broker, financial planner and the blogger behind the Where Does All My Money Go? was motivated to write a valuable reference book on RRSPs (subtitled “41 Strategies Canadians need to know about our country’s single greatest tax planning tool”) when he couldn’t find an up-to-date book on the subject despite the role that RRSPs are going to play in the retirement dreams of many Canadians.

Preet sent me a draft version of the book that I managed to read over the weekend (to be honest, I did “skim” through some strategies because it is so hard to stare at the computer screen when you already do it for a living). The book covers an exhaustive list of strategies that you can implement with your own RRSP, whether you are a beginner, have been contributing for years or are close to retirement. Everything that I can think of (and some I didn’t) is here (Check out the Table of Contents for a self-explanatory list of strategies): from RRSP loans, over-contribution rules, spousal accounts, meltdown strategies, withdrawal strategies. I myself picked up a nugget of information or two that I didn’t know about.

The book is available from The RRSP Book website for $25 (including taxes and delivery). You can find some excerpts on the book’s website and a lot of content from the book is also available on Preet’s blog (such as this discussion on the eternal debate between the Save to an RRSP and Pay Down the Mortgage camps).

The Giveaway: Preet has generously offered four copies of the book for the readers of this blog. Participation is very simple – just leave your email address and a comment to this post. Deadline for entries is Friday, January 18, 2008 at 8 p.m. EST. One entry per person. Canadian residents only. Your email will not be shared with anyone. I’ll pick four entries at random after the deadline. Good luck!

This article has 208 comments

  1. RRSP contributions made during the first two months of the year, is it optional which tax year the contributions are applied towards (the one past or upcoming)?

  2. I guess this is a good a time as any to tell you I enjoy your site! In fact, it has been my homepage since I stumbled upon it a few weeks ago. Keep up the good work CC!

  3. I’ve really enjoyed reading your site since finding it about 6 months ago. Great articles

  4. Great blog. Would love to read the book.

  5. Thanks for the link to the site – before I order I will see if I can win a copy!

  6. add me to the contest please!

  7. Thanks for the info and link. Please count me in for the contest.

  8. Yay! Contests!

  9. Thanks for the link – hadn’t heard of the book before. Please count me in!

  10. oooh What an interesting read! Thanks for the contest! :D

  11. count me in!

  12. #1 – You can defer the RRSP deduction as long as you wish. Therefore, an RRSP contribution in the first two months of the year can be claimed in the previous tax year, the same year, or any year thereafter.

  13. I really enjoy reading this blog. It’s my favorite Canadian financial blog!

  14. Is there a percentage that a person can overcontribute to a rrsp without penalty.
    Plaese enter me in the draw

  15. Shameless contest entry – thanks for the work you do on the blog!

  16. Count me in for book giveaways!

  17. Book contests rule.

  18. I <3 BOOKs

  19. I’m at the point where I’m reading anything I can get my hands on, so I would love to get a copy of this book.

    Thanks!

  20. One of my favorite blogs. Keep up the great work. You rock!!!

  21. please enter me also

  22. I definitely *have* RRSPs but they’re in a variety of different places, different terms, different interest rates, etc. Not really sure how good or bad that is. What is bad is that I don’t come close to maxing out my contributions and have only a couple of decades left until I’ll need to think about moving them over to RRIFs.

    This is the year I want to really figure out my investment strategies. How much in RRSPs vs. how much in unsheltered investments. How much in mutual funds vs. how much in stocks. Etc., etc.

    I bet this book would really help!

  23. Long-time listener, first-time caller here.

    Just wanted to let you know to your site is fantastic! I’m just a novice in the areas of finance and investment, so a book win will really help me.

    Thanks!

  24. What a great time of the year to win a RRSP book :)

  25. Great to know there is a new book on RRSPs. I wonder if the government has ever thought of sweetening the pot by making contributions to RRSPs like they do to RESPs. I just discovered the beauty of this when the CESG money went into my son’s RESP. Instantly the real return jumped from 0.5% (it’s only been there since the last month of 2007) to 9% because I now had a chunk of a fund worth a certain amount of money but for which I paid $0! I think it’s something they should consider.

  26. Count me in for this giveaway.

  27. Hi!
    I came across Preet’s site and quickly added it to my list of financial blogs (along with CC, of course). Great information, especially for those going a bit beyond basic financial planning advice.
    Cheers!

  28. As a young person now getting into the workforce, I am already trying to plan for retirement! Count me in for this contest!

  29. So happy to see this book come out.

  30. I’m curious to see what can be done when close to retirement … please add me to the contest.

  31. Sign me up, please!

    Thanks,

    Sean

  32. I’m a new Canadian so this is definitely of interest. Pick me!

  33. Count me in.

    Thanks, Mike.

  34. I’ve just jumped on the RRSP bandwagon this year and just discovered your blog – a “late bloomer”. Thanks for the opportunity to enter the contest.

  35. It’ll be great to have a new reference book on RRSP’s. Thanks for your postings: I learn alot.

  36. Please add my entry for the contest.

    Thanks,
    /Pete

  37. looking forward to reading the book

  38. It’s scary the number of Canadians that are too little prepared financial. I have had to manage my own retirement savings for almost twenty years. I have done all the right things, except pick the right stocks, funds and advisors. So “freedom 55” looks more like “freedom 75”. I worry about those who have done less than I. Governments should be doing more to encourage Canadians to save for retirement because in the end we will all have to fall back on government programs for survival. Another scary thought!

  39. I was just on his site reading about this book. I’d love a copy!

  40. I know I have more room in my RRSP. Put me in the draw.

  41. The book sounds great!

  42. Please put me in for the draw.

  43. I’m an advisor myself, can never have enough information though.

  44. Please include me!

  45. I’ll win one of your contests eventually.

    Cheers,
    MCM

  46. Thanks for a great blog. I’m looking forward to some posts about taxes.

  47. Great! I’d love to win the book :)

  48. Thanks for the blog; I’m hooked.

  49. Only blog I read everyday.

  50. Looks like a great book, and would probably answer a lot of questions! Sign me up!

  51. I love your site, thanks for taking the time to guide us through our financial journey for Canadians. I’d love to read this book because I started saving money through my company’s RRSP but I’m afraid I don’t know much about it.

  52. Good idea for a book Preet. And based on the number of replies CC has got so far, I’m not the only one to think so.

  53. Nothing like a giveaway to get eveyone’s attention!

  54. Preet put a lot of work into his book and it definitely sounds like it’d serve as an excellent planning resource.

    Hoping I’ll win a copy. :)

  55. Will love to get a copy of the book.

    Thanks for your blog, it is really good.

    Italo

  56. Great Blog!! This book looks very interesting.

  57. Thanks for another good book review. I’ll plan on checking this one out whether I win a free copy or not!

  58. As I am planning to double the size of my RRSPs this year, this book would most likely come in handy.
    Awesome blog as always.
    Cheers!

  59. I suppose that winning a copy of this book would be cheaper than buying it if I decide to review it myself.

  60. Wow – I just found out my younger brother doesn’t even know what an RRSP is, let alone what his tax bracket is and thus what his savings would be if he invested inside one…
    This book would be great for him, and I’ve also referred him to your blog for some other great information.
    Thanks!

  61. The PF blogs are better than the library for free books!! Well, almost.

  62. Great Blog. The book sounds great.

  63. This book would be useful. Great blog btw

  64. I’d read it!

  65. Count me in for the draw.

  66. Thanks for the information. Count me in!

  67. Love your site. I may not contribute a lot, but I sure do learn a lot. I do love books. Thanx and keep up the great work.

    K

  68. Another one for the book.

  69. I’m an RRSP junkie, so please count me in. :)

  70. Good blog – I read it routinely, will bookmark ‘wheredoesallmymoneygo’ now as well.

  71. Want to win the book!

  72. Awesome blog. Keep up the good work!

  73. Thanks for the information. I’m new to this business and it’s clear that there is a lot to learn. Great research site.

  74. Awesome book giveaway, please enter me.

    Thanks

  75. free stuff…count me in

    thanks for the great work on your site, its a great read

  76. A favourite site, and thanks for the contest!

  77. I agree this kind of book would be a useful tool.

    When attempting to figure out what to do with your RRSP, I really like the do-it-yourself route… but where do you start?

    I’ll be checking out the book to see if it addresses this question.

  78. I’m ready this blog because investing is chinese to me so I guess this book would most likely come in handy.

  79. Again CC, keep up the good work! I hope I win one of your book give aways one of these days. -)

  80. Great read – would love a copy of this book!

  81. Please add me to the contest. Thanks! Love the site!

  82. Sounds like a great book. Add me to the contest!

  83. Love reading the blog, look forward to winning the contest!

  84. Sign me up!

  85. Sounds like this books got it all on RRSP’s just what I have
    been looking for. Please enter me !!!

  86. I’m in. It’s hard to find good information on RRSP’s, most of the advice I come across is from American sources. If I don’t win I’ll probably check this book out anyway. Thanks!

  87. Count me in, please! :-)

  88. Count me in.

  89. Looking for a good book to read. Thank to Preet & the c. capitalist.

  90. The TOC of the book looks like there is some good stuff covered….. so pick me so that I can read it.

  91. Definately would love to win a copy of this book.

  92. Please enter me.

  93. love to have more reading material.

  94. It’d be great to have this book before Feb 29!

  95. Count me in for a chance on a copy of the RRSP book.

    Your blog has stood the test of time for quite a few months in my feedreader. Thanks for lots of good and through-provoking pieces.

  96. Number 100 PICK ME

    Sounds like a great book!

  97. ahhhhh someone slipped under the wire for 100… 101 is special too right?

  98. Please add me to the contest.

  99. Interesting article… New to your site and quite enjoy it

  100. Thanks for all the great info. on your site! That book would be a lot of help for a newbie to RRSP’s like me.

  101. Love your websight.

  102. Please add me to the contest.

  103. Love the site! I learned a lot! I hope I get the book :)

  104. Great blog! It’s tough trying to find good info on financial matters – especially on subjects like the rrsp meltdown. What I like about your blog also is the ‘Related Posts’ section – they are always very helpful, the book reviews are very useful, and the links are very good.

  105. I’ll put my name on this one.

  106. Hope to win, thanks

  107. I love free books, lets hope #112 is lucky!

  108. Thanks for the contest. That was nice of Preet to give you some books.

  109. Keep up the great work on the site! And pls do put me down for the draw.

  110. Would love to get a copy of the book!

  111. Perfect timing for this book. Enjoy your site as always.

  112. Looks like an interesting book, please include me in the draw.

  113. I’m in; thanks for the contest lads!

  114. Yawza! I’m 118th.

    This is worse/better than sample give away at Costco.

    It proves one thing; Canadians love free stuff.

    Gimme, gimme, gimme.

    TKO from Ontario

  115. I’m always looking for new financial reading material (which is why I love this blog). Please include me in the draw.

  116. Great Blog! Keep up the good work!

  117. Please count me in. It would be nice to get a free book.

  118. I hope I win!

  119. Leading Edge Boomer

    Thanks for the info about Preet’s site and book. Please enter me into the contest.

  120. Keep up the great work!

  121. Sounds like an interesting read.

  122. Excellent post!

  123. Great blog, count me in for the contest, thanks.

  124. I’m interested in the contest too. :-)

  125. Recently started reading your blog and enjoy a lot. And can always use a new book to read :-)

  126. Gluck everyone!

  127. I like to read. I like to win. Me me me please!

  128. I’ve been reading your blog and YDAMMG for a few months and I’ve learned much so far. Keep up the good work!

    oh, and that RRSP book would be nice :-)

  129. Would like to learn more about RRSPs’ and retirement.
    Thanks,
    Dave

  130. Wow! RRSP vs mortgage … that IS a great question! It seems that just when I save up some $$$ (and it’s NOT a lot, trust me!) and try to decide which pile it should go into, that something else will happen! That’s pretty much the way that it goes every year :-(
    I hope this is lucky 137 for me!
    Great blog!

  131. Definitely on my reading list for 2008!!!

  132. I want a shot at the book too!

  133. Great site. I’m a subscriber and look forward to it every morning.

  134. Me too! Me too!

    Keep up the good work, you’re my favorite finance blog (and I don’t say that to influence the outcome of the draw ;)

  135. I never read blogs… but I always seem to end up here for some reason.

  136. Awesome book to have before RRSP season draws to a close…count me in Please!

  137. Read it over and over

    If I win a copy, I’m donating this to my local library.

  138. Pingback: The RRSP Book - Review And Contest | Quest For Four Pillars

  139. I would love to win.

  140. I would love to win and thanks for the great info.

  141. Perfect timing.
    Need to figure out my RRSP future!
    Thanks!

  142. It’d be great to add to my library and to pass this book along to others once I’m done as I did with the rest of my books.

  143. Looking for some info on RRSP’s, we are planning on retiring soon.

  144. Pingback: This and That

  145. great, i’m in :)

  146. Terrific site, great giveaway!

  147. Great blog. I am in.

  148. As an author myself, I am always curious to read books about other people’s ideas on investing (and life in general).
    I throw my e-mail hat into the contest ring.
    Gail Bebee
    Author of No Hype – The Straight Goods on Investing Your Money

  149. book me, Dano ;)

  150. Count me, please.

  151. Count me in too!
    jeff

  152. I’m in for a contest!

  153. this book and your blog sounds like great reading to help with my retirement dream.

  154. Will love to get one of the books!!!

    Thanks

    Italo

  155. I need to learn all I can! Maybe this book will save me from the confusion! (-: just found your site via a search for information about RSPs…

  156. I’d also like to be included in the draw. Thanks CC!

  157. One of the wonderfull financial information for Canadian’s (and that is FREE). The price of the book is nothing as compared to the value of the information for managing our hard earned money.Sometime i wonder how this guy is providing this kind of financial information free. But now i am a regular reader of his blog and appreciate the mission Mr Preet Benerge and other few honest bloggers has initiated to educate the ordinary canadians who are overlooked by the other big financial industry. Congratulations and hope ouy guys will keep this mission going on and on…

  158. Count me in on the giveaway!

  159. Please include me in the draw.

  160. Please include me. I enjoy your blog.

  161. The odd of winning is slimmer, but still worth to try. Thank for the offer.

  162. count me in too :)

  163. Please include me in your little contest. Always looking for good personal finance books.

  164. I would love to win this RRSP book. Please count me in:)

  165. I’m loving the site, it’s one of my regular stopping grounds.

    I’d be up for an entry into the draw!

  166. Just stumbled on your blog… so far, looks like it’ll make it to my favourites! I’d love some tips on RRSPs… I’m sure there’s lots I don’t know.

  167. I’m interested in reading that book!

  168. Pingback: Canadian Personal Finance Blog » Blog Archive » Random Thoughts

  169. Unlike all those people commenting above me, I am interested in winning one of the books.

  170. I’m really interested in reading this book.. count me in!

  171. As a regular reader of several financial blogs (usually depending on their regularity of input) it’s nice to see more and more Canadians empowering themselves with knowledge in what can be a complicated world of finance.

  172. I’m also really interested in reading this – and am now interested in checking out studiotax too! Reading this blog is making me sound wicked smart at work. (keyword: “sound”). Thanks again CC.

  173. Just found your blog…looks very helpful…also very interested in the book…thanks.

  174. Your posts are fantastic. Check them daily. Refer many people here. Keep up the great job!

    Note: Moved from Privacy Policy page – CC.

  175. Count me in! I promise it a good home.

  176. Did I win the book?

    Thanks,

    Cos.

    Note: Moved here from Privacy Policy Page – CC

  177. Sounds like an interesting book. Your posts are generally very good, keep up the hard work.

    Note: Moved here from Privacy Policy Page – CC

  178. Free books to help you make money. Could there be anything better?

  179. Books are good, books are nice. Now if only I could win a retirement…

  180. Thanks for including me in your draw – very gracious of you CC.

  181. I wanna win I wanna win! Pick me ;)

  182. Sure, the review provided urges me to read this book. Count me in.

  183. Thanks for all the free giveaways. Hopefully one of these books ends up in my hands.

  184. Great site! Would love to read the book!

  185. I’d love to get in on the contest. That’s a great and informative blog. (so’s this one)

  186. Love reading your blog! Keep up the good work.

  187. Great idea for a contest. Gotta have this book!
    I’m new to your subscription list and the topic (better said, focus) of investing. Earnings/accumulation time is running out…

  188. Test my luck … thanks!

  189. Great site
    Keep up the great posts.
    Hope to win this time

  190. I need this book!

  191. I need this book considering what this volatility has done with my RRSP!

  192. Right at the wire! I’m very interested in reading anything related to RRSPs :-)

  193. Please consider me for the draw!

  194. Canadian Capitalist

    The contest is now closed. The winners will be announced shortly.

  195. Canadian Capitalist

    Here are the winners picked by this page:

    Here are your random numbers:

    158 134 139 26

    Timestamp: 2008-01-19 13:26:06 UTC

    Investoid, David Summers, Swanny & Traciatim are the winners. I’ll be contacting you shortly. Thanks for everyone for entering.

  196. Pingback: The RRSP Book Contest Winner | Quest For Four Pillars

  197. If I’m not too late, I would love to have this book…I am just starting out with RRSP and would really benefit from a copy.

  198. Pingback: Book Giveaway #4: RRSPs by Yours Truly : WhereDoesAllMyMoneyGo.com

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