I found Gordon Pape's Ultimate TFSA Guide to be an incredibly informative overview of the TFSA options and strategies available to Canadians. I had not read the previous TFSA book, so cannot comment on any differences between that incarnation and this one. What I can contribute is that I found great value in this book and would recommend it as a starting point towards understanding TFSAs and what options and potential pitfalls await. It is written in an accessible style and presents a potentially complex subject in an easy to digest manner.
My only major criticism is that the many, many pages of TFSA offerings by various banks and institutions could have been presented in a better format with some additional advice, and might not be relevant at the time of reading.
I would have liked to see more details about dividend investing from within the TFSA, and more mention of capital gains exemptions. Book has sort of an either/or approach to TFSA/RRSP selection. It would be nice to see a maximizing strategy incorporating both for those able.
All in all, I think this book was highly educational and well worth the time to read. I feel much better off about choosing which TFSA options to pursue, although I am looking for additional information on specific strategies to maximize my retirement income. This book has nevertheless formed a valuable cornerstone.
I have to agree with the previous reviewer. This is nothing but an expanded version of the first Red Volume Tax-free Savings Accounts Gordon Pape in this case offers little new information, and the information he does add, can be readily acquired online or by reviewing his original version.
For those who have the Red Volume, I would not look at purchasing this book, borrow it and review it, but it is not worth the extra cost. For those of you who have not yet purchased any book on TFSA, then this is a book for you.
Overall I would rate this book as a 6.5 our of 10 as I have purchased the Red Volume and the Blue Volume was more so a waste of money that maybe could have been put into a TFSA...
That being said, I would rate the Red Volume as a 9.5 and maybe even a 10 out of 10 and if I never had the Red Volume, the Blue version would have rated equally as high.
Cheers and happy Tax Free Savings Account investing...
I bought and read Pape's "Tax Free Savings Accounts" when he first published it in 2009. I liked it, and so was looking forward to more of his thoughts and advice in "Ultimate Tax Free Savings Account Guide". Well, I assume that what Pape did is not illegal, but it certainly is unethical. THIS IS THE SAME BOOK as he published last year!
There are three differences between the books.
1) A (quite large) section with details of the accounts that various institutions offer, and the associated fees and conditions has been added.
2) An FAQ section has been added, but this is really not necessary if one understands the TFSA in the first place. Also, this information is freely available online.
3) Minor (mostly date-related) updates are sprinkled throughout the book. A few new paragraphs have also been added here and there. These additions notwithstanding, there are sections where there are literally pages and pages that are identical between the two books.
It is shameful (or is it "shameless"?) that this was published as a tew title, when what it really is, is a second edition of the first book. If this had been made clear, I would have borrowed it from the library, instead of paying full price for a "new" title.
All that having been said, if you have neither book, yes, "Ultimate Tax Free Savings Account Guide" is a good guide to have, but only if you don't own it already, under the title of "Tax Free Savings Accounts".