RRSPs: The Ultimate Wealth Builder

by Gordon Pape

For most Canadians, an RRSP is the only personal pension plan they will ever have. As employer-sponsored plans become increasingly rare outside the public sector, we must rely on our own savings and money management skills to ensure a comfortable lifestyle after retirement.


This comprehensive guide by bestselling financial author Gordon Pape provides the secrets to building a winning RRSP—everything from setting up the right kind of plan at the outset to proven strategies that will enable you to grow your RRSP over time to a value of several hundred thousand dollars. And all the while, you’ll be collecting sizeable tax refunds for every contribution you make.
 
This is a must-read book for everyone who cares about providing a comfortable future for themselves and their families. Inside you'll find information on
 • how to choose a plan that’s right for your needs• tips for selecting the best RRSP investments• the most common RRSP mistakes and how to avoid them• little-known RRSP strategies• how to build successful portfolios• deciding between an RRSP and a TFSA• when to use the Home Buyers’ Plan• transitioning to an RRIF

Genres: Personal Finance, Nonfiction, Money, Finance

288 pages, Paperback

First published December 31, 2013

About the author

Gordon is Canada’s best-known financial writer. He is the author of more than 20 books on investing and money management and is the editor and publisher of five financial newsletters. His columns on investing appear in several magazines and on major Canadian websites and he is frequently quoted in the media. He divides his time between Toronto and his winter home in Fort Myers Beach, Florida.

Gordon Kendrew Pape, B.A.; author, broadcaster, lecturer; b. San Francisco, Cal. 1936; came to Can. 1950; e. Three Rivers High Scho., Trois Rivieres, Que. 1954; Carleton Univ. B.A. 1959; Univ. of Toulouse 1960-61 (Rotary Foundation Fellowship); Pres., Gordon Pape Enterprises; Educ. Writer The Gazette Montreal 1961-63, Que. Bureau Chief 1963-66, Parlty. Corr. Ottawa 1966-70, Assoc. Ed. Montreal 1973-74; Bureau Chief, Southam News Service, London, Eng. 1970-73; Asst. to Publisher Financial Times of Canada 1974-7

Reviews

[Princess Banana of Bananaland · Rating 3 out of 5]

Couldn't sleep, ended up frantically reading this at 1am and whew it was Terrifying!! Literally need to make a new shelf for finance horror books cos this is the 2nd time retirement and money has scared me <3 As the lululemon bag says do one thing a day that scares u 🤪

Here is the colesnotes (after writing this i realize it is not short at all so its a rant instead sorry) of why it was scary if ur lazy to read but DO NOT take my word as bible do ur own research but like:
- People like RRSP cos they can get tax deductions for contributing, which can also be deferred to later years for when you're making more money (so you get more tax deducted)
- However, you're still gonna be taxed this money anyways when you withdraw the money from your RRSP at like age 70 or whenever you retire so ?? Ur still gonna have to pay like. it makes 0 sense to ME. Maybe it's viable for you again do ur own research PLEASE do not hate on me in the comments this is a book review website thanks
- When ur 71 u have to transfer ur RRSP into an RRIF/LIF where the govt says u have to make a minimum withdrawal (% of the total) each year (that I believe u also pay tax on right?? maybe not right). As you get older this minimum amount gets higher. So as you get older, you have to take out more money (even if u don't use it all) PLUS as u take out more money, the overall total gets smaller so the money u get ends up getting TINIER...
- The table on pg 200 terrified me where a 90 year old person starts with $100,000 in their RRIF and must make minimum withdrawal of 13.62%. Due to minimum withdrawals, by the time ur 100, there'll be $27,005 left in your account at you MUST make minimum withdrawal of 20%(!!!), which means u can only withdraw $5401 (IS THIS IN THE HWOLE YEAR COS,,, 5000$ FOR THE WHOLE YEAR!!?? WHAT) Literally ur older probably ur health is poor and u might need more money to take care of urself. and U cannot. like LET ME DO WHAT I WANT WITH MY MONEY U CAN TAX ME BUT LET ME DO WHAT I WANT,, I am NOT a neoliberal though thanks for asking <3 (again do NOT fight me on a book review website PLEASE im BEGGING YOU)
- Wasn't in the book but so crazy how seniors like base pay with CPP and the other thing if they're low income is only like $1500 a month like ur making $1500 a month rent is like $1250 average how do u LIVE. again I ask how are seniors not HOMELESS or DYING. Again I am rethinking living to age 100. it is rough for them lets practice empathy and kindness and understanding and demanding more money from the govt thanks or like better retirement plans i really don’t know what to demand but umm i will do some more reading and get back to you thanks

[Florian Pekazh · Rating 4 out of 5]

Although outdated, this book proved to be a good resource for general RRSP info (the Canadian equivalent of 401k).

I didn’t really learn a lot of new things since I’ve already done plenty of research on the topic, but the book could be especially resourceful for people without any background. There are also some tips and tricks on how/when to use RRSP which could prove handy albeit in very specific scenarios.

All things considered, Gordon Pape has collected all the vital RRSP info in just 300 pages, which is admirable. The book also deals with a bunch of real life scenarios through the Q&A section at the end.

[Meg · Rating 4 out of 5]

Certainly worth the time it took to read. Very easy to understand.

[Amy · Rating 4 out of 5]

An overview of RRSPs including discussions on many alternatives such as buying a home, or saving in a TFSA. I think it’s an excellent introduction to the subject for someone 25-35. At nearly ten years old some of the information in this book could use an update.

[Caroline · Rating 4 out of 5]

Pretty great advice here. He brought up the intricacies of RRSPs in clear detail.

[Ania · Rating 3 out of 5]

A good read that I will have to revisit in the future.

[JC · Rating 3 out of 5]

This is a good book to get a handle on RRSPs ,what they are, how they work, and some strategies. I found there was still some technical terms and acronyms that confused me, but to have this on my shelf as I invest and build for retirement will let me invest with knowledge.

[Chelsey Cosh · Rating 4 out of 5]

RRSPs have a long sordid history of thrilling, disappointing, aggravating, and, every so often, pleasing Canadians. They are full of rules and ultimately these rules need to be played to your advantage lest you be caught out in the rain without an umbrella. So I thought it very important to read about everything the renowned Canadian personal finance expert Gordon Pape had to say on the subject. I learned some tips and tricks, as well as how to avoid or at least mitigate some major problems with RRSPs that can sometimes leave the retired elderly in tricky situations. The advice is golden here for your golden years, so if you plan on saving for retirement (and you should be), I recommend picking up a copy.