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2 of 2 people found the following review helpful
on November 21, 2014
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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1 of 1 people found the following review helpful
on January 11, 2015
Excellent book. Interesting information on TFSA use for those that have retired including some stuff on OAS clawbacks and sheltering assets post-retirement. Initially thought this book would be more geared to the working 30/40's age group but it has good information for all right up until after death tax planning. It even gives province specific examples.
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2 of 2 people found the following review helpful
on September 7, 2014
Very informative,simple to understand with helpful comparso tables with other savino plans. Strongly recommended reading
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2 of 2 people found the following review helpful
on April 14, 2014
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
on November 22, 2014
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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24 of 31 people found the following review helpful
on January 29, 2013
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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8 of 11 people found the following review helpful
on November 7, 2013
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 3 people found the following review helpful
on February 12, 2015
I agree with chicken Muffin's comments above. Mr. Pape never really tells you anything that the average person out there does not already know. I was fooled several times into buying his books and was always disappointed. My advice to anyone, is save your money and do not buy anything from Mr.Pape
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on September 2, 2015
The book has no updated information even though it says revised edition.
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on July 26, 2014
My husband read it through. Good info
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