Flipping - HELOC money borrowed as down payment on pre-build -

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!

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Disclaimer:  This question has been answeredwithout detailed information or consultation and is to be regarded onlyas general comment.   Nothing in this message is or should be construedas advice in any particular circumstances. No contract exists betweenthe reader and the author and any and all non-contractual duties areexpressly denied. All readers should obtain formal advice from acompetent and appropriately qualified legal practitioner or taxspecialist for expert help, assistance, preparation,or consultation  in connection with personal or business affairs suchas at www.centa.com. Ifyou forward this message, this disclaimer must be included."
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David Ingramgives expert income tax & immigration help to non-residentAmericans & Canadians from New York to California to Mexico family, estate, income trust trusts Cross border, dual citizen - out ofcountry investments are all handled with competence & authority.
Phoneconsultations are $400 for 15 minutes to 50 minutes (professionalhour). Please note that GST is added if product remains in Canada or aphone consultation is in Canada.
This is notintended to be definitive but in general I am quoting $800 to $2,800for a dual country tax return.
$800 would beone T4 slip one W2 slip one or two interest slips and you lived in onecountry only - no self employment or rentals or capital gains - you didnot move into or out of the country in this year.
$1,000 wouldbe the same with one rental
$1,200 wouldbe the same with one business no rental
$1,200 wouldbe the minimum with a move in or out of the country. These arecomplicated because of the back and forth foreign tax credits. - TheIRS says a foreign tax credit takes 1 hour and 53 minutes.
$1,500 wouldbe the minimum with a rental or two in the country you do not live inor a rental and a business and foreign tax credits  no move in or out

$1,600 would be for two people withincome from two countries

$2,800 wouldbe all of the above and you moved in and out of the country.
This is justa guideline for US / Canadian returns
We will stillprepare Canadian only (lives in Canada, no US connection period)with two or three slips and no capital gains, etc. for $150.00 up.
With a Rentalfor $350
A Businessfor $350 - Rental and business likely $450
And anAmerican only (lives in the US with no Canadian income or filingperiod) with about the same things in the same range with a little bitmore if there is a state return.
Moving in orout of the country or part year earnings in the US will ALWAYS be $800and up.
TDF 90-22.1forms are $50 for the first and $25.00 each after that when part of atax return.
8891 formsare generally $50.00 to $100.00 each.
18 RRSPswould be $900.00 - (maybe amalgamate a couple)
Capital gains*sales)  are likely $50.00 for the first and $20.00 each after that.
Justa guideline not etched in stone. 
This from "ask an incometrusts tax and immigration expert" from www.centa.com or www.jurock.com or www.featureweb.com. David Ingram deals on a daily basis with expatriatetax returns with multi jurisdictional cross and trans border expatriateproblems  for the United States, Canada, Mexico, Great Britain, UnitedKingdom, Kuwait, Dubai, Saudi Arabia, Thailand, Indonesia, Japan,China, New Zealand, France, Germany, Spain, Italy, Russia, Georgia,Brazil, Peru, Ecuador, Bolivia, Scotland, Ireland, Hawaii, Florida,Montana, Morocco, Israel, Iraq, Iran, India, Pakistan, Afghanistan,Mali, Bangkok, Greenland, Iceland, Cuba, Bahamas, Bermuda, Barbados, StVincent, Grenada,, Virgin Islands, US, UK, GB, and any of the 43 stateswith state tax returns, etc. Rockwall, Dallas, San Antonio Houston,Denmark, Finland, Sweden Norway Bulgaria Croatia Income Tax andImmigration Tips, Income Tax  Immigration Wizard AntarcticaRwanda Guru  Consultant Specialist Section 216(4) 216(1) NR6 NR-6 NR 6Non-Resident Real Estate tax specialist expert preparer expatriate antimoney laundering money seasoning FINTRAC E677 E667 105 106TDF-90 Reporting $10,000 cross border transactions Grand Cayman ArubaZimbabwe South Africa Namibia help USA US Income Tax Convention

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