Canadian Finance Blog

Posted: 09 Aug 2010 02:00 AM PDT

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:

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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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