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My question is: Canadian-specific
QUESTION: My brother, mother and I purhased a home together. The home =
is equally owned 3 ways. My mother paid for her 1/3rd and makes no =
payments. The remaining mortage is held and paid by my brother and I. =20
I watched your show a few years ago on cable TV. You had a number one =
suggestion to viewers to make your mortgage tax deductible. Could you =
outline if we could do this with this scneario I have outlined? My wife =
and I have savings of $70,000 in cash available. We are risk adverse. =20
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david ingram replies:
This is a no-brainier.
Pay your share of the mortgage down by the $70,000. I do not know how =
it is invested now, but if you need to make that same or similar =
investment, simply borrow the money against the house.
The interest on the $70,000 is now deductible because the money was =
borrowed to but an investment.
Goto www.centa.com and read the November 2001 newsletter which has about =
11 pages of different methods that different people can use to make =
their mortgage deductible in Canada. The Good news is that once made =
deductible, it is a better deduction than the one that Americans get.
David Ingram's US/Canada Services
US / Canada / Mexico tax and working Visa Specialists
US / Canada Real Estate Specialists
108-100 Park Royal South
West Vancouver, BC, CANADA, V7T 1A2
Calls accepted from 10 AM to 10 PM 7 days a week
Res (604) 980-3578 Cell (604) 657-8451
Bus (604) 980-0321=20
[email protected]
www.centa.com www.david-ingram.com
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."
This from "ask an income tax and immigration and bankruptcy expert" from =
www.centa.com or www.jurock.com or www.featureweb.com. Canadian David =
Ingram deals daily with tax returns dealing with expatriate:
multi jurisdictional cross and trans border expatriate problems for the =
United States, Canada, Mexico, Great Britain, the United Kingdom, =
Kuwait, Dubai, Saudi Arabia, South Africa, Thailand, Indonesia, Egypt, =
Antarctica, 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, St Vincent, Grenada,, Virgin Islands, US, UK, GB, American and =
Canadian and Mexican and any of the 43 states with state tax returns, =
etc.
income tax wizard wizzard guru advisor specialist consultant taxman =
Alaska, Alabama, Arkansas, Arizona, California, Colorado, =
Connecticut, Delaware, District of Columbia, Florida, Georgia, =
Hawaii, Idaho, Illinois, Indiana, Iowa, Kansas, Kentucky, =
Louisiana, Maine, Maryland, Massachusetts, Michigan, Minnesota, =
Mississippi, Missouri, Montana, Nebraska, Nevada, New Hampshire, =
New Jersey, New Mexico,New York, North Carolina, North Dakota, Ohio, =
Oklahoma, Oregon. Pennsylvania, Rhode Island, South Carolina, South =
Dakota, Tennessee, Texas, Utah, Vermont, Virginia, West Virginia, =
Wisconsin, Wyoming, British Columbia, Alberta, Saskatchewan, Manitoba, =
Ontario, Quebec City, New Brunswick, Prince Edward Island, Nova Scotia, =
Newfoundland, Yukon and Northwest and Nunavit Territories, Mount =
Vernon, Eumenclaw, Coos Bay and Dallas Houston Rockwall Garland Texas =
Taxman and Tax Guru and wizzard wizardYour name has been added to our =
email list because of an enquiry we have received, we may not answer =
your question but=20
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]
www.centa.com www.david-ingram.com
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