How is a Tax deductible mortgage viewed by CRA (Canada Revenue Agency)?
It seems to me that you are lucky in that you have the support of the family since few people can do real estate at this age. Do you rely solely on parental experience or do you have a family financial advisor? I heard that the family office toronto is very good at wealth management. However, this is just advice. Take the first step – get your first home. This deal will add confidence. Rumors of a crash will always be. I stopped listening to this after 2006.
I was thinking about investing now. I am already 27 and I am ready to choose my first home. I am embarrassed by the constant rumors of an overly inflated real estate bubble. My family made capital on investments in commercial and residential real estate and I would also like to follow in their footsteps. Is it relevant now?
I thought this was the American way! Tax deductible mortgages have been successfully reviewed by CRA (Canada Revenue Agency) and endorsed by economists, financial planners and financial institutions. It is a legal and common practice to deduct interest when you borrow to invest to produce income. Further, a recent Supreme Court of Canada decision upheld a Canadian Taxpayer’s right to structure the mortgage on their principal residence for maximum tax benefits. Unlike the American plan the tax deductibility is forced out of your existing mortgage – taking bad debt – not deductible – and converting it to Good debt – tax deductible. This is a complex procedure so we want you to attend one of the seminars to see for your self how the system works. Audit trails are important and not all investments apply so this is not a plan you want to try on your own. Can I pay off my mortgage sooner? The best way to pay your mortgage sooner is to take advantage of your prepayment privileges and maximize