Learn more about Canadian mortgage rates, rules and the latest news – read on!
Latest News
What is a mortgage broker? Oct 17th
Mortgage brokers are a highly regulated specialized alternative to Canada’s big banks. But what is a mortgage broker exactly? And, When it comes to the purchase of your home, why would you choose a broker over a mortgage specialist at your bank?
Get the mortgage rate that works for you.Fin.... More »
Some Things Never Change: What We Can Learn From the Past + MORE Mar 5th
I started CanadaMortgageNews.ca in 2009 with one goal: to dispel misinformation. A lot of mortgage “experts” were coming onto the scene at the time with outrageous claims and getting quoted by media outlets. They were all great writers, no doubt. The problem was a lot of what they were saying ju.... More »
EQB sees impaired loans double in Q2, but expects improvement ahead + MORE Jun 5th
Alternative mortgage lender EQB saw a rise in gross impaired loans in the second quarter compared to a year ago, but highlighted recent improvements and expects losses to stabilize going forward..... More »
60% of Canadian mortgage renewals to face higher rates by 2026: BoC Jan 14th
Despite interest rates having fallen materially in 2024, recent data show that many Canadian homeowners could still face payment shocks when their mortgages renew..... More »
Honouring the latest Mortgage Hall of Fame inductees Oct 20th
After a pandemic-induced hiatus, hundreds of mortgage professionals gathered at the Vancouver Convention Centre Monday night to honour the latest inductees into the Canadian Mortgage Hall of Fame..... 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…
