Learn more about Canadian mortgage rates, rules and the latest news – read on!
Latest News
Mortgage debt rising fastest among Canadians nearing retirement, data show Apr 27th
Older homeowners are increasingly leveraging equity to help younger buyers, raising long-term financial risks as retirement approaches.... More »
TD Bank plans to sell $9 billion in mortgages to comply with asset cap + MORE Jan 23rd
TD Bank is planning to sell around $9 billion in residential mortgages as it works to adjust its balance sheet and meet an asset cap imposed by U.S. regulators..... More »
Q4 Earnings Mortgage Morsels: Scotiabank & RBC + MORE Dec 5th
A reduction in provisions set aside for potential credit losses boosted fourth-quarter earnings results for both Scotiabank and RBC this week..... More »
CMHC reports annual pace of housing starts down in May compared with April Jun 17th
Canada Mortgage and Housing Corp. says the annual pace of housing starts in May fell 6% compared with April..... More »
How much is home insurance? Sep 17th
Home insurance is, as you may know, property insurance that protects the homeowner’s private residence, including the outside space, like your shed and deck, too. By paying a monthly or annual premium, you are assured that damage or loss to your home—typically a person’s most important and exp.... More »
Are interest payments tax deductible?
– moneysense.ca
Taxpayers may be eligible to claim a tax deduction for interest paid on a loan or mortgage. According to Canada Revenue Agency (CRA), “most interest you pay on money you borrow for investment purposes [can be deducted] but generally only if you use it to try to earn investment income.”
One common example is money borrowed to buy stocks, bonds, mutual funds and/or exchange traded funds (ETFs). This interest can generally be deducted on a taxpayer’s line 22100 as an interest expense. However, there are a few caveats.
According to the CRA, “if the only earnings your investment can produce are capital gains, you cannot claim the interest you paid.” What other earnings would qualify? Well, most stocks pay dividends. Most bonds pay interest. Mutual funds and ETFs generally earn dividends, interest, or a combination of the two. (Note: In Quebec, you can only deduct your interest up to the amount of income generated by an investment. In other provinces and territories, you can generally claim your interest, even if it exceeds the income generated…
One common example is money borrowed to buy stocks, bonds, mutual funds and/or exchange traded funds (ETFs). This interest can generally be deducted on a taxpayer’s line 22100 as an interest expense. However, there are a few caveats.
According to the CRA, “if the only earnings your investment can produce are capital gains, you cannot claim the interest you paid.” What other earnings would qualify? Well, most stocks pay dividends. Most bonds pay interest. Mutual funds and ETFs generally earn dividends, interest, or a combination of the two. (Note: In Quebec, you can only deduct your interest up to the amount of income generated by an investment. In other provinces and territories, you can generally claim your interest, even if it exceeds the income generated…
