Compare Mortgage Quotes

Refinance Rates for Today

Please enable JavaScript for the best experience.

In the mean time, check out our refinance rates!

Company Loan Type APR Est. Pmt.

tax on mortgage

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
Posted on: 26th May, 2006 03:04 am
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
Posted on: 19th Aug, 2013 05:39 am
Page loaded in 0.282 seconds.