Hi David,
I have a question for you. If I took out funds from my chequing
account to purchase a rental property. But then took out the
same amount in funds from my line of credit to put back into my
chequing account, would the interest from the line of credit be
tax deductible?
Thanks,
N XXXXXXXXXXX
================================
david ingram replies:
The interest would not be deductible because the borrowed money
was not used directly to buy the rental property.
Read Bulletin IT 533 which you can find in PDF or HTML format at
http://www.cra-arc.gc.ca/E/pub/tp/it533/README.html
Also read the November 2001 newsletter on the left side at
www.centa.com
Then get hold of Fraser Smith's book, the SMITH MANOEUVRE and
read it as well.
The order must be perfect to make it work.
Then come out on Thursday night to one of our free seminars.
Each one of the 2 1/2 hour seminars devotes at least 45 minutes
to mortgaging and making all interest deductible
Every Thursday Evening, Fred Snyder of Dundee Wealth Management
conducts one of 17 different financial seminars at his office
Time: 7:00 to 9:30 PM
Date: Every Thursday evening
Place 1764 West Seventh
Vancouver (corner of burrard)
Phone (604) 731-8900 to register
No cost - no obligation
Topics always cover mortgage interest as a deduction
other topics - getting the mortgage, estate planning, critical
care insurance, income taxation, differences between stocks and
bonds, and usually the most innovative HELOC mortgage offered in
Canada from Manulife Bank
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, I, david ingram am
a permanent guest on Fred Snyder of Dundee Wealth Managers' 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
Call (604) 280-0600 to have your question answered. BC listeners
can also call 1-866-778-0600.
Callers to the show and questioners on this board can also attend
the Thursday Night seminars on finance and making your Canadian
Mortgage Interest deductible.
This from "ask an income tax and immigration expert" from
www.centa.com or www.jurock.com or www.featureweb.com. David
Ingram deals on a daily basis with expatriate tax returns with:
multi jurisdictional cross and trans border expatriate problems
for the United States, Canada, Mexico, Great Britain, the United
Kingdom, Kuwait, Dubai, Saudi Arabia, Thailand, Indonesia, Japan,
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US, UK, GB, and any of the 43 states with state tax returns, etc.
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Denmark, Finland, Sweden Norway Bulgaria Croatia Income Tax and
Immigration Tips, Income Tax and ImmigrationWizard Income Tax and
Immigration Guru Income Tax and Immigration Consultant Income Tax
and Immigration Specialist Section 216(4) 216(1) NR6 NR-6 NR 6
Non-Resident Real Estate tax specialist expert preparer
consultant expatriate anti money laundering money seasoning
FINTRAC E677 E667 4789 4790 TDF-90 Reporting $10,000 cross border
transactions
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ask international income tax & immigration expert consultant
david ingram from North Vancouver, BC, Canada experts on RRSP
RESP IRA 401(K) radio CKBD 600AM 9 AM Sunday mornings on Fred
Snyder's IT's YOUR MONEY
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