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Hi,
I wrote re the UK boyrfriend immigrating. You helped and I will thank you again.
Re this person's question... Does it HAVE to be a rental property? If I own a condo & am making payments on it PAP (pre-authorised payments) directly from my bank account, am I being a bit foolhardy with my $$? Could I put my maintenance fee on my mastercard & get the $$ back somehow? Or..is this only if you are renting to someone else? If so why would it make a difference? The home owner who is starting out & can only afford one property & is single with a mortgage...even though I do have a really good wage, sometimes it is really hard to make ends meet without a second income. Was this just the maintenace fee? or also the mortgage payments themselves?
Thanks,
SXXXXXXXX
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david ingram replies
This only works for a rental property. Mortgage interest, property taxes, repairs and other expenses of a personal residence are not deductible in Canada.
[email protected] wrote:
Hi
Thanks in advance David for your time.
Here's my situation:
I own a rental property and was wondering .
If I pay the mortgage and maintenance using my MasterCard .
Will the interest I pay on the MasterCard be deductible as it is essentially a loan against the rental mortgage ?
Again thanks for the information and time
KXXXXXXXX
Vancouver, BC
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david ingram replies:
Yes - a common mistake overlooked by all is that if you buy an item for your business or a rental house, the interest on a VISA or AMEX or MC is deductible (to the extent of the purchase) and if you took a cash advance to pay a mortgage or tax payment, the interest and cash advance fee would be deductible as well.
David Ingram's US/Canada Services
US / Canada / Mexico tax and working Visa Specialists
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Disclaimer: This question has been answered without detailed information or consultation and is to be regarded only as general comment. Nothing in this message is or should be construed as advice in any particular circumstances. No contract exists between the reader & the author and any and all non-contractual duties are expressly denied. All readers should obtain formal advice from a competent financial, or real estate planner or advisor & appropriately qualified legal practitioner, tax or immigration specialist in connection with personal or business affairs such as at www.centa.com. If you forward this message, this disclaimer must be included."
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another similar question will be as we lump them.
You may find more answers at www.centa.com
David Ingram of the CEN-TA REALTY Group
US / Canada / Mexico tax and working Visa Specialists
US / Canada Real Estate Specialists
108-100 Park Royal South
West Vancouver, BC, CANADA, V7T 1A2
(604) 980-0321 - Fax 913-9123 [email protected]
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