The Smith Manoeuvre Paperback – Sep 1 2002
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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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Top Customer Reviews
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.
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.Read more ›
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.
Most recent customer reviews
Great book, great lesson, I learn about fiscal strategies to reduce incomes taxes. A way for financial freedom, and early retirement .Published on April 10 2013 by Charles-Desgagne
The whole book can be summarised in a paragraph. I started reading hoping that finally something new would pop up, but didn't. Read morePublished on Nov. 9 2007 by fredz
Rather lousy writing... 120 short pages (probably 50 pages of text) to say the same thing over and over : Pay off your mortgage quickly and borrow against the equity with a tax... Read morePublished on Oct. 3 2007 by S. McGillivray
This book is not about the well worn idea ( in Canada) of selling your investment portfolio to pay down your mortgage and borrow with tax deductible debt to invest; as that is... Read morePublished on Aug. 7 2007 by Glenn L. E. May
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