how do I make my car loan tax deductible? - ask

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QUESTION:
Hello David,
I was listening to your radio show last Sunday. You and Fred were saying
that peoples' first goal should be to make all their debts tax =
deductible.
I am looking to purchase a new car for my fiancee. I would need to get a
car loan with zero down because we just purchased a new house and are =
also
paying for a wedding so money is really tight right now. My fiancee's =
car
is on its last legs so we would like to get one in the next little =
while.
How would I make this car loan tax deductible? Is it even possible in my
case with my current situation?
- Both of us work for corporations. We don't have our own businesses.
- We don't have any money to put down on the car
- All of the investments that we have are in our RRSPs
- I am 26 years old, she is 30 years old
PS: I'm making my mortgage tax deductible!
Thx for the help!
XXXXXX.
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david ingram replies:
If you are already working at making your mortgage deductible, you are =
on the right track.
But it sounds like you are in a bind as far as the car loan goes.
Sometimes, time works against us.  My present divorce, for instance, =
means that at age 61, the mortgage on the house I am living in is not =
deductible for the first time in 30 years. =20
That fact alone is wasting more than $1,000 a month in tax dollars =
because it could have been 100% deductible by now.=20
You can find more ideas by reading the November 2001 Newsletter at =
www.centa.com
Just remember=20
A good friend will come and bail you out of jail...but, a true friend =
will be sitting next to you saying, "Damn...that was fun!"=20
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Answers to this and other similar  questions can be obtained free on Air =
every Sunday morning.
Every Sunday at 9:00 AM on 600AM in Vancouver, Fred Snyder of Cartier =
Partners and I will be hosting an INFOMERCIAL but LIVE talk show called =
"ITS YOUR MONEY"
Those outside of the Lower Mainland will be able to listen on the =
internet at
www.600AM.com=20
Local phone calls to (604) 280-0600 - Long distance calls to =
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Texas  Taxman and Tax Guru  and wizzard=20
wizard - David Ingram's US/Canada Services
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Calls accepted from 10 AM to 10 PM 7 days a week
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Disclaimer:  This question has been answered without detailed =
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