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The Smith Manoeuvre Paperback – Sep 1 2002

2.8 out of 5 stars 10 customer reviews

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Product Details

  • Paperback: 166 pages
  • Publisher: Trafford Publishing (Sept. 1 2002)
  • Language: English
  • ISBN-10: 1553696417
  • ISBN-13: 978-1553696414
  • Product Dimensions: 1.3 x 14 x 21.6 cm
  • Shipping Weight: 227 g
  • Average Customer Review: 2.8 out of 5 stars 10 customer reviews
  • Amazon Bestsellers Rank: #161,077 in Books (See Top 100 in Books)
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Product Description

About the Author

Fraser Smith entered the high octane realm of financial planning following a marketing career with Xerox of Canada. Smith was intrigued by the fact that Americans could deduct the interest expense of their house mortgages from their taxable income while Canadians could not. In 1984, having developed a unique financing strategy that effectively converted mortgage interest for Canadians into tax deductions, he presented his proprietary financing strategy to Larry Bell, president and CEO of Vancity Savings Credit Union. Within weeks, The Smith Manoeuvre was introduced on an experimental basis. Subsequently, hundreds of B.C. taxpayers are enjoying perpetual tax deductions by dint of the wonderful tax and investment effects provided by this elegant mortgage strategy. With the writing of this book, Smith is finally unveiling his proprietary secrets for the benefit of any


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Customer Reviews

Top Customer Reviews

Format: Paperback
I came first came across the "Smith Manoeuvre" in an article in the National Post over five years ago. The reporter simply explained the concept and wanting to learn more I brought Fraser Smith's book. I would agree with most of the other reviewers that Mr. Smith isn't a particularly a gifted writer. But then writing a book
on a financial technique which can be explained in 5 minutes would be asking a lot from most of us. However Fraser Smith should be thanked from any Canadian tax payer who puts his system into use. Due to the high levels of taxes which the average Canadian pays, its become very hard for us to save. If one doesn't enact the Smith Manoeuvre what
One is left with at least from the book is that we as individuals have to look after ourselves and save. His method just makes it easier.
I have used the services of his son Rob Smith
and if you are comfortable in using your home equity to invest with I suggest you do the same. I just get the added bonus that I have $20000 in interest per year to deduct from my income. At my 40% tax bracket, I get back approx $8000 in my hand every year. Who cares if Fraser Smith isn't a good writer, what matters is he has a great idea.
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Format: Paperback
Although Smith may not be the most experienced writer, his core concept is a good one. The concept of paying down your mortgage in fewer years is excellent. It could have been said more simply but at no time does Smith tell you to do this on your own. Always seek a financial advisor to decide if this manoeuvre is right for YOU. I did not find this book to be political but perhaps I was focussing on just the financial aspects of it. He presents the idea and the rest is up to you. Take this for what is it, a beginning point and go from there. It definitely pushes his software etc. but you don't need it to get started.
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Format: Paperback
I can pretty much agree with my fellow writers in saying that The Smith Manoeuvre is an interesting idea or finance strategy, but the 150 page book is largely a glorified advertisment for his software, credit unions and political conservatism. Smith is also highly repetitive and his novice writing ability often shows through. He claims that current Canadian tax laws are too greedy, explaining why Americans have a greater quality of life, yet forgets to mention Canada's virtues, such as free healthcare, less economic disparity, higher chances for upward social mobility and so on.

Although Smith is flawed in saying that The Smith Manoeuvre can and should be applied by any Canadian with a 75% mortgage, he is also completely ignorant as to the risks of borrowing to invest in stocks and mutual funds as well as the potential commissions and other fees which can eat away at your investment capital. Moreover, Smith also assumes that the terms of someone's mortgage would be "open" and fails to mention the possibility of prepayment penalties or limits that would marginalize the advantages of implementing The Smith Manoeuvre.

He advises against buying investment property, simply because of the lack of liquidity, yet it is the liquidity of stocks and mutual funds that becomes part of the risk of investing in these types of vehicles. In the end, although stocks have traditionally outperformed real estate, the truly wealthy value increased cash flow from income-producing assets, such as investment real estate over capital gains and dividends any day.
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Format: Paperback
Given the fact that the book was self published, I was willing to overlook the fact that the writing was amateurish and the editing sketchy at best. I really just wanted to get the facts surrounding his techniques. What I found, frankly, scared the daylights out of me. To state that this "manouevre" should be implemented by every Canadian with a mortgage is just plain wrong. Not once does the author hint at the risks inherent with borrowing to invest. The assumptions he plugs into his spreadsheet for illustration purposes are overly optimistic, really a best case scenario. When I built my own spreadsheet instead of buying his, I found that with more realistic inputs, the benefits were minimal. Given the risk and trouble to set this up, I would say the "Smith Manouevre" is akin to picking up nickels in front of a bulldozer.
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Format: Paperback
When my acccountant described the Smith Manoeuvre, I was very interested and picked up the book. While not entirely well written (he rambles on about politics, the Canadian Alliance and Joe Clark) the core concept is sound and I'll be implementing this manouevre to start leveraging the principle gained in my current mortgage to get tax deductions.
His examples are not entirely intuitive. If he spent more time on explaining the fundementals and less on rah rah, it would make for a less confusing read.
That being said, despite the poor writing, his "manoeuvre" is great and the book is worth every penny. It'll get you on your way to getting tax deductions on your personal residential mortgage, and more importantly, increasing your net worth.
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