101 Tax Secrets for Canadians: Smart Strategies That Can Save You Thousands, 2009 Edition

Geoffrey Harder is a public services librarian and manager, Knowledge Common, in the Science and Technology Library of the University of Alberta.

Tim Cestnick’s 2009 edition of his popular reference book, 101 Tax Secrets for Canadians, will be a welcome addition to the office bookshelves of most taxpaying Canadians. Tax planning is complicated by nature, but Cestnick is masterful in cutting through the fog to make clear the best approaches for minimizing the effects of the taxman on personal income and wealth.

Many things set this book apart from others in the financial planning section of the bookstore. The guide is written from the perspective of the Canadian tax system, which is useful for those accustomed to seeing far too many U.S. centric publications on building tax plans, savings, and investment strategies. The book is well laid out, as one comes to expect from a publication now in its eleventh edition. Chapters are logically put together with useful charts and sidebars outlining important information that might otherwise be overlooked. The nine-chapter guide begins with an overview and basic lesson about the Canadian tax system and progresses through the finer points of planning, touching on areas such as tax planning for families, strategies for the employed and self employed, provincial tax issues, and estate planning. Since this is a book organized around tax tips, Cestnick begins the book by including a useful tax tip reference guide that allows the reader to select their interest level in particular tax areas, with corresponding “Tim’s Tips” numbers and chapter listings identifying where the corresponding information can be found. Quite useful as well for those who purchase or borrow the book in time for tax season is a concise summary of things that have changed with Canadian tax rules since the previous year (up to August 31, 2008). Likewise, an equally useful Glossary and a listing of “Tax Facts” (e.g. marginal tax rates, RRSP contribution limits) are also included at the back of the book for quick and necessary consultations.

Cestnick’s book is well recommended for Canadians facing the next tax season. One hopes that subsequent editions of the book will strive to keep the information as current and relevant as was accomplished in the 2009 edition.