Book Giveaway #4: RRSPs by Yours Truly

Well, it’s time for round #4 of the book giveaways this week. I’d make it 5 books as I normally write on Fridays but that’s reserved for the weekly Lap of the Blogs and I’ve got a real deusie of a video (which “propeller heads” will enjoy too!). But I do have some good news. I noticed that Jonathan Chevreau linked here from his blog (WealthyBoomer.ca) and mentioned I was giving away four of HIS books, instead of the four different books I had planned. Well, since I don’t want to disappoint, I’m happy to add three more copies of Findependence Day to the contest so there will be four different books in the pot, but seven different winners!

RRSPs: The Definitive Guide to Registered Retirement Savings Plans by Preet Banerjee

How do I review my own book? I wouldn’t. I’ll just direct you to some other reviews by others (NOTE: some of these reviews included a contest – these all expired last year as the reviews are all about a year old)

Larry MacDonald (Canadian Business)

Financial Post

Million Dollar Journey

Canadian Capitalist

Financial Post

Four Pillars

The Financial Blogger

The Contest

If you’ve already entered a comment on the other contest posts this week, I have good news for you (if you didn’t already know): you are automatically entered into all four book giveaways this week. Essentially, any comment on any of the four book giveaway posts this week enters you for a chance to win any book. There will be four winners announced on the weekend. For those who haven’t already entered, here are the rules and regulations:

  • One copy of the book RRSPs: The Definitive Guide to Registered Retirement Savings Plans will be given away in this contest
  • To enter for a chance to win this book (or any of the other books featured this week) all you have to do is leave a comment at the bottom of this or any other post this week with a suggestion of a post topic for me to write about in the near future
  • Comments must be made by Friday, January 30th, 2009 at 11:59pm
  • You must include a valid email address in the comment form (but don’t worry, your email isn’t shared with anyone)
  • Good luck!
Preet Banerjee
Preet Banerjee
...is an independent consultant to the financial services industry and a personal finance commentator. You can learn more about Preet at his personal website and you can click here to follow him on Twitter.
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Showing 29 comments
  • Jason

    One possible topic you could write about is any thoughts you have on risk reduction strategies such as only investing in a market when it is trading above its 200 day moving average.

  • Jordan

    I’d like to know your take on the “Black Swan” theory by Nassim Taleb and his radical approach to investing 80% risk free and 20% in extremely risky ventures.

    BTW He just had a very interesting interview on Charlie Rose. I love his idea that the US should turn the banks into basic utility companies with very little leverage to prevent repeating the process of banks taking profit then socializing the losses and causing systemic risk to everyone else.

  • Paul

    Hi,

    Rarer poster but with the chance to win your book, I am in. Continued best of luck with everything that you are doing. Thanks.

    PS

  • BIGMac

    How about some tips on how a first time home buyer can take advantage of the falling home prices and the new rules set out by the 2009 budget?

  • Miles

    I would like to see some topics on fixed income investments, particular fixed income issued by the Canadian Gov’t and its Crown Corporations. Has any fixed income investments issued by these issuers failed to pay their obligations.

  • Ross

    How about an article with suggestions on what a first time home buyer should do with the new 2009 rules?

  • Sean

    Hey Preet,

    I already own and have read your book, and it’s great! I highly reccomend it to anyone for it’s practicality, and ease of reading (even the more technical topics).

    How about writing about some strategies to compare utilizing an RRSP vs a TFSA? I’m particularly interested in the Smith Manoevre (can you even put money from the SM into a TFSA?).

    Thanks for the great week of prizes!

  • stefan

    Hey! How about how some banks are charging inactivity fees on their LOCs… I just got a letter from TD saying a $35 fee will be imposed if I don’t use the LOC for 360 days. It’s like being penalized for being responsible.

  • Brian

    Preet, You book has been on my to read list for a while now. Count me in on the draw!

  • Canadianstockstrader

    I would really like to win RRSP book from the contest…
    Tks Preet

  • Millionaireby45

    Not sure if you have covered this in the past but you could do a review of pref shares and how to buy them.

  • Meg

    Great blog Preet…………add me to the draw.

  • Susan

    Now THIS is a book everyone should have.
    Topic suggestion: I’m interested in Behavioral Finance, everything from how we sabotage ourselves to why we resist doing what we know is the right thing.

  • Jessie

    I’d like to know how the Lipson case would affect a couple arranging their tax and financial affairs. I also would like to know good advice for a first time home buyer and strategies for TFSA.

    Thank you!

  • Nola

    Does your book have any information on holding your own mortgage within your RRSP?

  • Ryan

    Hi! I’m a fan of your blog.

    A topic suggestion I have is how a young person should utilize their TFSA vs. RRSP? I use my TFSA right now because my income is lower and the amount I claim for tuition offsets most (if not all) the taxes I have to pay. I’m unsure as to when (what income level) I should start contributing to an RRSP.

  • John

    With the recent drop in the market, I’ve been wishing I’d had the foresight to finance my own mortgage out of my RRSP. I’d love to see a post with details on how to go about it.

  • Lyne

    Thank you for the opportunity to win.

    I would be interested in posts about fixed investments, as my knowledge is definitely lacking there. Also about optimizing retirement savings for people with defined benefit plans.

    In the case of topics related to retirement, I like it when there are also examples for single people: I find a lot of examples assume a couples situation and discuss things like income-splitting, spousal RRSP’s, etc.

  • Returns Reaper

    Preet,

    I’m interested in a bit of portfolio theory analysis that considers the mortgage as part of the portfolio.

    It seems to me that putting extra money down on your mortgage provides a fixed rate of return, in that you’ve decreased a negative cash flow obligation, which would seem to be equivalent to providing an increased positive cash flow (as purchasing a fixed income instrument would).

    So suppose your mortgage is large relative to the size of your portfolio, as would often be the case for relatively young investors. And suppose the desired allocation is 80/20% equiteies/bonds. Would it make sense to put 20% of your contributions towards higher mortgage payments, and not purchase bonds until the size of your portfolio starts to be much larger than your mortgage?

    It seems to make some sense intuitively, but the analysis gets a bit complicated when you consider RRSP contributions with pre-tax dollars and mortgage payments with after tax dollars.

    Perhaps this is covered in your book, but I think it could also make a great blog post.

  • Matthew Adie

    I’d be interested in learning more about how a small investor can best make use of DRIPs.

  • EconStudent

    I am interested too.

  • linda

    Hi Preet, Not sure if it’s covered. I’d be interested in learning about how to compare DB pension and RRSP for younger professionals. thanks.

  • Dan G

    Could you do a article about the cheapest and easiest way to buy shares to start a DRIP for your children. Thanks

  • JK

    RDSPs

  • Irene Scott

    Could you do a discussion on the tax implications of selling and buying options?

  • Rob

    My son started a career 2 years ago which will provide him with a very generous pension when he retires. I have tried to explain the downside of having too much money in an RRSP at retirement, having to pay more tax on the withdrawls than he receives at tax time during his lower income years. He plans on maxing out his TFSA and wants to max out his RRSP, but I’m thinking it could be a nice refund now, but heftier tax owing at 71. Comments?

  • Preet

    @Rob – If he has a nice pension, then his RRSP contribution room will be reduced, but your point is valid. The best solution is to retire earlier than 71! :)

    If he uses the tax refund for something productive (paying down the mortgage, or re-investing), then it will offset the higher tax burden down the road (in terms of overall net worth comparisons).

    The problem is more of a psychological one as you have pointed out. It is hard to equate sacrificing the tax refund now for a payoff that may not be realized for many, many decades.

    Realistically, if he can focus on using the refund for something productive, I wouldn’t worry too much about it.

  • H. Ahonen

    I had locked-in federally regulated RRSPs since early 1980’s. It was $4k initially and grew to about $31K. If I withdraw all my RRSPs now (they are no longer locked-in), can this increase in the value of RRSPs be used as a capital gain agaist my capital losses from the previous years, to reduce my income tax. I work and have a company pension.

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