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Tax-Free Savings Accounts: How TFSAs Can Make You Rich [Paperback]

Gordon Pape
3.6 out of 5 stars  See all reviews (10 customer reviews)
List Price: CDN$ 18.00
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Book Description

Jan. 1 2013

Tax-Free Savings Accounts are the most powerful personal savings vehicle available to Canadians. Although they were first introduced in 2009, TFSAs still haven't been opened by thousands of Canadians, who are passing up the opportunity to add thousands of tax-exampt dollars to their personal wealth! Plus, many people who have TFSA accounts don't make regular contributions.

One of the the problems is that TFSAs are much more complex than they first appeared to be. This book provides the information Canadians need fo the most effective ways to take advantage of this great investment opportunity.

Trusted financial expert Gordon Pape wrote the first and only definitive guide to TFSAs, which became a huge bestseller. In this completely revised and updated edition, Pape provides clear and easy-to-understand advice to help you get the most from your TFSA and how to get started if you haven't yet opened an account. With details of rule changes, investment strategies, and pitfalls to avoid, Tax-Free Savings Accounts shows you how tomaximize your investment, correctly manage withdrawals, successfully understand fees so you won't get hit with unexpected charges, and much more.

It's time to take control of your money and make a TFSA a key component of your plan to achieve financial freedom.


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Tax-Free Savings Accounts: How TFSAs Can Make You Rich + RRSPs: The Ultimate Wealth Builder + Retirement's Harsh New Realities: Protecting Your Money in a Changing World
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Review

"Gordon Pape's explanation of Tax-Free Savings Accounts is informative and easy to grasp." -- John Lawrence Reynolds, author of The Naked Investor

"The tax-free savings account is a can't-miss opportunity and Gordon Pape has written the definitive manual on how to use it." -- Rob Carrick, Personal Finance Columnist, The Globe and Mail --This text refers to an alternate Paperback edition.

Review

"Gordon Pape's explanation of Tax-Free Savings Accounts is informative and easy to grasp." --This text refers to an alternate Paperback edition.

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Customer Reviews

3.6 out of 5 stars
3.6 out of 5 stars
Most helpful customer reviews
15 of 19 people found the following review helpful
1.0 out of 5 stars About getting old, not rich! Jan. 29 2013
Format:Paperback
This book has nothing to do with getting rich. Rather, it's about getting old. In fact, Chapter 10 (only half way through the book) is entitled "Passing On," and is about what to do if you die before your investments have matured, and how to get ensure that your family gets the most of your money. The author even states "TFSAs can make you a millionaire! Not in one year, or five, or even ten. But if you're young enough stay with the plan, it certainly is an attainable goal."

One of the book's saddest moments is when he tells the (fictional) story of a 71-year old woman who opens a tax-free account because it's "never too late". She contributes 5500 a year for 5 years (27,500) and at the end of the term the author says, and I quote, "she has a tax-free nest egg of 31,911." Excuse me, but waiting until I'm 70 to save money on the draws I make on my RRSP by re-investing them into a TFSA at a dismal return of less than 4 thousand dollars over FIVE YEARS does not even begin to describe "rich."

Granted, this book does explain what a TFSA is (which you can look up for free on the government website or simply ask your bank, it's not rocket science) and then explains how compound interest works when applied to a nominal sum of money being contributed monthly and then letting it sit for an extended duration. It also explains some of the other uses for the account, such as stock investing, but fails time and time again to delve into substance and present any information of real use.

I guess by "rich" I was expecting some of this guidance, and tricks about how to maximize the returns, places to invest, not to invest, and how to ensure you maximise your income and your contribution, not have compound interest over 50 years explained dozens of times.
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5.0 out of 5 stars Very useful. April 14 2014
Format:Kindle Edition|Verified Purchase
As a person who knew nothing of TFSAs, I found this a clear, concise and helpful guide. I recommend it highly.
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2 of 3 people found the following review helpful
1.0 out of 5 stars Don't waste your money. Nov. 7 2013
Format:Paperback
There is nothing this book tells you that you can find out from your local bank branch. Numbers are exaggerated. Bottom line of the book tells you use your maximum allowable TFSA each year.
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2 of 4 people found the following review helpful
5.0 out of 5 stars Useful, Practical and Clear July 30 2013
By G. Poirier TOP 50 REVIEWER
Format:Paperback
For anyone wondering about how TFSAs work and when and how they should be used, this book is immensely useful. The book's subtitle "How TFSAs Can Make You Rich" is certainly well illustrated. However, there is nothing magical here: the younger investor is still ahead of the game, having more time on his/her side than the older investor who can still make large gains but for whom millionaire status may be out of reach.

The author provides many investment strategies as a function of both a person's age as well as the purpose for which the TFSA is to be used. Different types of investments are discussed along with their risks versus growth potentials. Many useful and practical examples are given throughout. A question and answer section is included as one of the last chapters; in it, the author repeats some of the information provided in the main text, thus emphasizing the many common misconceptions about TFSAs that people have proven to have.

The writing style is clear, friendly, lively and authoritative. Any financial jargon that is used is clearly explained. This book should be of interest to anyone wanting to make optimal use of TFSAs in order to gain wealth without being taxed by the government.
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2 of 5 people found the following review helpful
5.0 out of 5 stars Excellent but ...... Jan. 4 2013
Format:Paperback
Really good and filled with info about TFSAs. Just an FYI though. I don't know about all banks but when I signed up with ScotiaBank to open a TFSA, they give this out for free to their customers.
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