Posted on: 26th May, 2006 02:47 am
How does the Canada Government deduct the tax on mortgage?
Hi
In Canada, if the mortgage is taken out on a principal residence for the purpose of purchasing personal residence is not tax deductible.
Generally, the people have pre-exiting investments purchase a residence with the proceeds of his existing investment. Then, they will contact lender and borrow up-to maximum of 75% of the home value. And invest the borrowed money into eligible investments.
Thanks
SJ
In Canada, if the mortgage is taken out on a principal residence for the purpose of purchasing personal residence is not tax deductible.
Generally, the people have pre-exiting investments purchase a residence with the proceeds of his existing investment. Then, they will contact lender and borrow up-to maximum of 75% of the home value. And invest the borrowed money into eligible investments.
Thanks
SJ
According to Canada Government,income tax does not allow a deduction from taxable income for interest on loans secured by the taxpayer's personal residence. But homes used in businesses as a landlord who owns a rental residential property can deduct interest as any other reasonable business expense.
Miami Beach Condominium
Miami Beach Condominium