Tax Deductible Mortgage
What kind of mortgage is tax deductible mortgage? Hmmm … the name of it sounds quite attractive! Everyone wants to save on taxes, now you can too with tax deductible mortgages. Note that not all homeowners are eligible to use this program, but nevertheless, everyone can work towards saving taxes on their mortgages. Let’s see how it works!
When you make a mortgage payment, a portion of it goes towards the interest and more than likely this is a large portion, especially when you just got a new mortgage. In the US, homeowners can deduct this mortgage amount against their personal income. However, in Canada, this is not the case. We cannot claim any taxes on our principal residence in the conventional way. Fortunately, there is a system to make it taxable! CE Properties can help you turn these interests into tax deduction, but in order to make that happen, your home will have to be structured properly in order to take advantage of this great offer from CRA!
Since everyone’s situation is unique, CE Properties will need to sit down with you and look at your specific situation to see how to help you structure your home so that you can also take advantage of this incredible tax deductible mortgage!
If you are interested in learning more about this type of real estate investing, feel free to contact us and we can provide a one-on-one consultation with you to go through the process of tax deductible mortgages and together, let’s start making money like the bank!