Customer Reviews


10 Reviews
5 star:
 (6)
4 star:    (0)
3 star:
 (1)
2 star:    (0)
1 star:
 (3)
 
 
 
 
 
Average Customer Review
Share your thoughts with other customers
Create your own review
 
 

The most helpful favourable review
The most helpful critical review


1 of 1 people found the following review helpful
5.0 out of 5 stars Very useful.
As a person who knew nothing of TFSAs, I found this a clear, concise and helpful guide. I recommend it highly.
Published 3 months ago by Bluenosepiperflyer

versus
17 of 21 people found the following review helpful
1.0 out of 5 stars About getting old, not rich!
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,...
Published 18 months ago by Chicken Muffin


‹ Previous | 1 2 | Next ›
Most Helpful First | Newest First

17 of 21 people found the following review helpful
1.0 out of 5 stars About getting old, not rich!, Jan. 29 2013
By 
Chicken Muffin (Calgary, AB Canada) - See all my reviews
This review is from: Tax-Free Savings Accounts: How TFSAs Can Make You Rich (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.

The pages were packed with tons of hypothetical situations showing how a, say, 6-15% return plus maximum contribution over 30-50 years looks (pretty good!) but little or no information about how to get there. He just says, when referring to stock portfolio management, for example, that you have to know what you are doing in the stock market and be comfortable with the risk. Hmm... Isn't this why I bought this book?! Care to share what you've learned? I guess not. (I think the reason here is because he doesn't know. His real money-making strategy is to sell hundreds of thousands of copies of "wealth-building" books. Where is the book that explains THIS with honestly? Perhaps I'll write it for him and reap the benefits.)

I guess if something seems too good to be true, it probably is.

TL;DR: About getting old, not rich. I want my 10 dollars back.
Help other customers find the most helpful reviews 
Was this review helpful to you? Yes No


1 of 1 people found the following review helpful
5.0 out of 5 stars Very useful., April 14 2014
Verified Purchase(What's this?)
As a person who knew nothing of TFSAs, I found this a clear, concise and helpful guide. I recommend it highly.
Help other customers find the most helpful reviews 
Was this review helpful to you? Yes No


3 of 4 people found the following review helpful
1.0 out of 5 stars Don't waste your money., Nov. 7 2013
By 
Arthur Ayvazian (Toronto, Ontario) - See all my reviews
(REAL NAME)   
This review is from: Tax-Free Savings Accounts: How TFSAs Can Make You Rich (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.
Help other customers find the most helpful reviews 
Was this review helpful to you? Yes No


5.0 out of 5 stars Good, July 26 2014
Verified Purchase(What's this?)
This review is from: Tax-Free Savings Accounts: How TFSAs Can Make You Rich (Paperback)
My husband read it through. Good info
Help other customers find the most helpful reviews 
Was this review helpful to you? Yes No


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 (Orleans, ON, Canada) - See all my reviews
(TOP 50 REVIEWER)    (REAL NAME)   
This review is from: Tax-Free Savings Accounts: How TFSAs Can Make You Rich (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.
Help other customers find the most helpful reviews 
Was this review helpful to you? Yes No


3 of 6 people found the following review helpful
5.0 out of 5 stars Excellent but ......, Jan. 4 2013
By 
C. Smith "Bookworm" (Canada) - See all my reviews
(REAL NAME)   
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.
Help other customers find the most helpful reviews 
Was this review helpful to you? Yes No


3 of 7 people found the following review helpful
1.0 out of 5 stars Completely misleading, July 15 2013
Verified Purchase(What's this?)
This review is from: Tax-Free Savings Accounts: How TFSAs Can Make You Rich (Paperback)
When I first read the book I found the compounding interest figures over 30 and 40 years very interesting. However, I don't know of one Canadian bank offering 5 and 6 % interest rates for your money as stated in the hypothetical figures on pages 37 & 39 of the book. To get an idea see this website for "best TFSA interests rates for July 2013"

[...]

Unless the author or someone else can give me the name of a Canadian bank offering TFSA interest rates of 5 and 6 % , you WILL NOT get rich or get much growth on your money. You will, however, make the government happy by lending it your money for peanuts in return.
Help other customers find the most helpful reviews 
Was this review helpful to you? Yes No


2 of 6 people found the following review helpful
5.0 out of 5 stars Excellent Resource, Nov. 22 2009
This is an excellent resource for learning all about Tax Free Savings Accounts. It explains what they are, the difference between them and other types of accounts, and how to use them. It includes comparisons of how your money will grow with a "TFSA". I bought a copy for each of my children.
Help other customers find the most helpful reviews 
Was this review helpful to you? Yes No


0 of 5 people found the following review helpful
5.0 out of 5 stars Excellent advice - up to date info, Feb. 15 2013
By 
Kimball Quigley (Toronto, Canada) - See all my reviews
(REAL NAME)   
Verified Purchase(What's this?)
This review is from: Tax-Free Savings Accounts: How TFSAs Can Make You Rich (Paperback)
I'm not sure the title is entirely correct since you can't put that much into a TFSA currently but, if you are young, it could well be true.
Help other customers find the most helpful reviews 
Was this review helpful to you? Yes No


0 of 5 people found the following review helpful
5.0 out of 5 stars Clarification, Jan. 22 2013
By 
This review is from: Tax-Free Savings Accounts: How TFSAs Can Make You Rich (Paperback)
Just to clarify a previous review, I believe the book that Scotiabank is offering free is the original 2009 edition. The new edition has been completely revised and updated. Also, for full disclosure, I gave the book a 5 star rating (you would hardly expect me to give it zero, would you?) - Gordon Pape
Help other customers find the most helpful reviews 
Was this review helpful to you? Yes No


‹ Previous | 1 2 | Next ›
Most Helpful First | Newest First

This product

Tax-Free Savings Accounts: How TFSAs Can Make You Rich
Tax-Free Savings Accounts: How TFSAs Can Make You Rich by Gordon Pape (Paperback - Jan. 1 2013)
CDN$ 18.00 CDN$ 13.00
In Stock
Add to cart Add to wishlist
Only search this product's reviews