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The Smith Manoeuvre, by Fraser Smith
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In 1984, the Board of Directors of Vancouver City Savings determined to take steps to secure their dominant position in the British Columbia and Canadian credit union movement.
As Chief Executive Officer at the time, I felt it was propitious that Fraser Smith had targeted VanCity to champion his unique financial strategy for mortgage owners in Canada. The Smith Manoeuvre, as it was to become known, was simple and elegant. We attracted many new customers over the years by virtue of our support of the program.
My question back then still stands today - "Why isn't every Canadian making his mortgage tax deductible?" Perhaps the publishing of "The Smith Manoeuvre" will make it happen.
Larry Bell
Vancouver, B.C.
- Sales Rank: #3657364 in Books
- Brand: Brand: Trafford
- Published on: 2002-09
- Original language: English
- Number of items: 1
- Dimensions: 8.50" h x 5.50" w x .50" l,
- Binding: Paperback
- 147 pages
- Used Book in Good Condition
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
Excerpt. � Reprinted by permission. All rights reserved.
"As Leader of the Reform Party and a founder of the Canadian Alliance, one of my greatest concerns has been the excessively high taxes paid by Canadians. While tax relief through tax reform is urgently needed and will eventually come, the strategy proposed by Fraser Smith offers every Canadian who has a mortgage the possibility of significant tax relief right now. I would encourage you to read Fraser's book and discuss his strategy with your banker or financial planner as soon as possible."
Preston Manning,
Former Leader of the Official Opposition
INTRODUCTION
On the average, the financial life of the average Canadian is, well, average. But you can't trust averages. When you are sitting on a block of ice with a bare ass, and your hair is on fire, on the average, you feel good.
If you have read this far, and are starting to realize that The Smith Manoeuvre is not the title of Robert Ludlum's latest novel, do not despair. Sometimes, real-life is more interesting than fiction.
Today you are going to learn how to reengineer the way you deal with your house mortgage. When you implement the strategy you are about to discover, it will cause the taxman to send you tax refund cheques, big ones, each year until you die at age 130. The tax refund cheques come every year, they are free, there is no tax on them and it is all perfectly legal.
These are not small tax refunds. Your mortgage payments for a year total a huge number. As much as 70% or 80% of that huge number is the interest you are paying the bank. 80% of a huge number is also a huge number. Let's say it's $10,000 for our Mr. Average, Paul Martine. Paul likes tax deductions. Every year he buys a $10,000 RRSP. (He has to first earn an extra $20,000 for the year so he can give up half to all the governments who want all their taxes, leaving him $10,000 to buy his RRSP). So Paul buys his $10,000 RRSP and claims a $10,000 tax deduction when he submits his income tax return. A few weeks later, Paul gets a lovely cheque from the taxman for $4,000 being 40% of the tax deduction he claimed. That's a 40% return on his "investment" which is excellent performance.
What Paul doesn't know is that hidden in his annual mortgage payments is another $10,000 tax deduction, which is free for the arranging. And he doesn't have to go and earn another $20,000 to get it. If he reads this book, he will learn how easy and inexpensive it is to convert an expense he is already paying, his mortgage interest, into a tax deduction that will yield equivalent benefits to what he would receive if he bought an RRSP. Not only that, once the conversion has been effected, the tax deductions will be automatic and free every year for as many years into the future as he still has a mortgage.
If you have a mortgage you could have all the same advantages as Paul Martine. But that's not all. Simultaneously you will begin now to build an investment portfolio of your own choosing. You will decide whether you want to invest in stocks, bonds, mutual funds, investment real estate, your own business or somebody else's business. These investments will be free and clear. It sounds too good to be true. But before you adopt that assumption, consider that The Smith Manoeuvre has been operating continuously since 1984, tax lawyers from several of Canada's top law firms have confirmed to several large financial institutions that this is a creative but legal financial strategy. Revenue Canada auditors have interviewed me and my Manoeuvre in my office and hundreds of people are enjoying the luxury of The Smith Manoeuvre with more being added every month.
You may well ask, "Why isn't every Canadian doing this?" The answer is that I haven't met them all yet. The next best thing was to write this book, explain how it works and how to arrange these free benefits for your family. It's my gift to Canadians. I take great pleasure in the knowledge that many who read this book will be empowered to substantially improve the financial life of their family utilizing these tools of the wealthy. A little knowledge is a magnificent thing in the hands of the motivated. So do order the software (see the last page of this book) so you can run various versions of your own numbers and circumstances. Then, go to a financial planner and ask him or her to confirm the validity of the assumptions and projections. Then retain him or her to implement The Smith Manoeuvre for you. You will be glad you did.
Fraser Smith
Saanichton, B.C.
Most helpful customer reviews
2 of 2 people found the following review helpful.
Good technique, terrible book
By Shane A. Brewer
"The Smith Manoeuvre" is a book for Canadians to convert "bad" non-tax deductible interest from loans to "good" tax deductible interest loans.
Essentially the whole point of the book is to state that you should borrow money to purchase investments while you pay off your mortgage. This allows you to covert your debt into interest that is tax deductible.
While the technique is certainly useful and important, this book is terrible to read. It is filled with repetition which appears to be filler in order to make a book out of this topic. The examples are poor and the writing make it a very dull read. Additionally there are no illustrations which would great help people understand the technique visually. And finally there are consistent references to the author's software which makes the book read more like an infomercial that reading material.
Regardless, the technique is important. I would suggest borrowing this book or having a financial advisor explain the technique to you instead of picking up this book. 2 out of 5 stars.
2 of 3 people found the following review helpful.
Very Dangerous
By Glenn L. E. May
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 about all there is to be said about that (other than you're likely doing something wrong if you are not paying off your mortgage as soon as possible and so anyone who has investment assets as large as their mortgage is already on the wrong track). This book is not about paying down your mortgage at all but refinancing principal paydowns in order to borrow MORE to invest. This is a high risk strategy that assumes your investing rate is always higher that your borrowing rate; only professional traders should ever borrow to invest (as they don't invest they trade with other people's money!). Many people go brankrupt when they then face a recession. The book makes silly assumptions like 'assume your investing rate is 10% being 'Joe's' financial planner's target return'. If everyone could be assured a positive return over their borrowing rate it would constitute 'free money' and everyone would do it. The banks wouldn't even give you a mortgage of 6% if they were guaranteed 10% elsewhere. The book is a con job for the author to earn royalties, not 10% returns or he would go after those himself! Good luck!
1 of 1 people found the following review helpful.
Great concept, not well written
By David Oh
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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