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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 7 months ago by Amazon Customer

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20 of 25 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 22 months ago by Chicken Muffin


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20 of 25 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.
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5 of 6 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
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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.
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1 of 1 people found the following review helpful
5.0 out of 5 stars Very useful., April 14 2014
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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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1 of 1 people found the following review helpful
4.0 out of 5 stars Strongly recommended reading, Sept. 7 2014
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Very informative,simple to understand with helpful comparso tables with other savino plans. Strongly recommended reading
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4.0 out of 5 stars I liked it and would especially recommend it & them to ..., Nov. 21 2014
By 
John F. Emerson (Sherbrooke, Quebec) - See all my reviews
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This review is from: Tax-Free Savings Accounts: How TFSAs Can Make You Rich (Paperback)
Very inclusive & well written tract on the predominant advantages of Tax-Free Savings Accounts for Canadians. I liked it and would especially recommend it & them to ANY, presently tax-paying, Canadian, over the (applicable minimum) age of eighteen. Virtually nothing to lose and conceivably much to gain!
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5.0 out of 5 stars Amazing TFSA News, Nov. 22 2014
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Gordon Pape provides excellent advice about RRSPs and TFSAs and how to decide which investment vehicule to use. He also clears up much of the confusion about TFSAs and how to maximize this investment tool.
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3 of 5 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
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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.
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5.0 out of 5 stars Good, July 26 2014
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This review is from: Tax-Free Savings Accounts: How TFSAs Can Make You Rich (Paperback)
My husband read it through. Good info
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3 of 6 people found the following review helpful
5.0 out of 5 stars Excellent but ......, Jan. 4 2013
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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3 of 7 people found the following review helpful
1.0 out of 5 stars Completely misleading, July 15 2013
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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.
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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)
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