This is a reprint
dealing with the CRA's newest bulletin on deducting
interest.
==============================================
david ingram
replies:
For the first
time, the CCRA is clearly spelling out the rules for making mortgage interest and other interest
deductible.
It is easier
to deal with now.
ingram
Read the Government
Bulletin at:
Print it out and
then read my November 2001 Newsletter on the same subject at:
david
ingram
The example I like
best is the most abused.
Someone will borrow
$1,000 to buy an investment and the interest is clearly deductible.
However, if they sell the investment for less money as David Emerson did, in the
past, they would try and disallow the interest on the remaining loan because
there was no longer any expectation of profit. This bulletin clearly
states that if you sell it for $600 and pay off $600 of the loan, the interest
on the $400 remaining is still deductible even though there is no ;longer any
possibility of profit.
However, if you take
the $600 and buy something personal, none of the interest would be deductible in
the future.
Pay attention and
print it all out.
=============================================
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