QUESTION: Thanks for the help! I took 60K from my HELOC to put the required DP on an investment property that will be rented out upon completion in 2009. Can I deduct the interest costs that the 60K incurs? How about the property transfer tax, the GST, and anything else associated with the purchase of this investment? I understand that any money borrowed for investment purposes allows any carrying costs to be tax deductible. What if i am forced to sell upon completion in 2009...does this change the tax write-offs because its now considered a flip? Can you recommend a good book, website, source for comprehensive tax advice on Canadian real estate investing? Thanks!
