Brushing up on your personal finance knowledge is always a good idea, and luckily for Canadians, the selection of financial advice books has grown significantly in recent years. While there was once a shortage of books that catered specifically to Canadian needs, that’s no longer the case.
“Years ago, I noticed there was a lack of quality books offering advice specifically for Canadians,” says Margot Bai, author of Spend Smarter, Save Bigger: Finding BIG Savings in your Home, Mortgage, Vehicles, Insurance and Investments. “I wanted to create something that gave Canadians practical advice on how to make the most of opportunities available here, like government programs.”
Bai’s book is just one in a growing collection of personal finance guides tailored to Canadians, helping them manage their money, understand the country’s unique tax system, and make informed financial decisions. Below are some of the top books to consider if you’re looking to improve your personal finance game.
1. Spend Smarter, Save Bigger: Finding BIG Savings in your Home, Mortgage, Vehicles, Insurance and Investments
By Margot Bai
In this book, Bai shares her own experiences—like paying off $20,000 in student loans while saving for a home—with practical advice on big financial topics such as mortgage payments, buying a car, and investing wisely. Using personal stories, she simplifies key financial principles, making it a relatable and informative read for Canadians.
2. The Complete Idiot’s Guide to Personal Finance for Canadians
By Lori M. Bamber
A well-known classic, this book covers everything from investing and mutual funds to retirement and insurance, all from a Canadian perspective. Bamber’s guide also helps readers develop their own financial plans and maximize tax returns. With easy-to-read sidebars and expert tips, this is a great starting point for anyone looking to improve their financial literacy.
3. The Pension Puzzle: Your Complete Guide to Government Benefits, RRSPs, and Employer Plans
By Bruce Cohen and Brian Fitzgerald
Even though millions of Canadians have pension plans, few truly understand how these complex financial products work. The Pension Puzzle breaks it all down, offering readers a step-by-step guide on how to make the best decisions regarding their pensions and how these plans impact their long-term financial well-being.
4. Shell Shocked: How Canadians Can Invest After the Collapse
By John R. Stephenson
Bay Street veteran John Stephenson provides a detailed analysis of today’s investment landscape. Written in the aftermath of the global recession, Shell Shocked offers Canadian investors practical advice on what to buy and when to buy it, making it a timely read for those looking to navigate the ever-changing world of investments.
5. You Can’t Take it With You: Common-Sense Estate Planning for Canadians
By Sandra E. Foster
Estate planning is becoming an essential topic for many Canadians, especially as the population ages. Foster’s book covers all aspects of estate planning, from wills and powers of attorney to tax considerations, life insurance, and funeral arrangements. You Can’t Take it With You provides straightforward advice on how to transfer your assets to the next generation with minimal hassle.
Whether you’re tackling debt, investing for the future, or planning your estate, these books offer valuable, practical advice for Canadians. They not only break down complex financial topics but also cater specifically to the nuances of Canada’s financial and tax systems, making them must-reads for anyone wanting to improve their financial knowledge.
