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George Hatton is a Chartered Accountant in our West Vancouver OPffice and adds a caveat to my comments. Interest on loans to buy non- income earnign assets is not a write-off on an annual basis.
david ingram
From: George Hatton [mailto:[email protected]]
Sent: Monday, March 15, 2004 9:11 AM
To: [email protected]
Subject: RE: Mortgage Interest as a deduction - Wednesday night Mortgage interest seminars - Ask an income and immigration and mortgage interest expert deduction specialist financial planner consultant
As you know, the proposed changes to the tax act could make the mortgage non-deductible unless the shares produce income within a reasonable period of time. The classic plan of buying capital gain assets is under challenge by CRA in the revisions arising out of the unfavourable court ruling concerning expectation of profit.
George
-----Original Message-----
From: [email protected] [mailto:[email protected]]On Behalf Of [email protected]
Sent: March 14, 2004 8:38 PM
To: CENTAPEDE
Subject: Mortgage Interest as a deduction - Wednesday nightMortgage interest seminars - Ask an income and immigration and mortgage interest expert deduction specialist financial planner consultant
My question is: Canadian-specific
QUESTION: Hi David,
My question deals with a "mortgage as a write off". If have paid off my house and take out a new mortgage then use that money to buy a group of stocks is the interest on that mortgage tax deductable? None of these stocks are held in an rrsp/resp. They are in an open account. Also are the legal fees required to set up the new mortgage tax deductable? Thank you I enjoy being on your e-mail list I've learned a lot.
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david ingram replies:
You have described a classic deductible Canadian mortgage.
I would add the legal fee to the acb (adjusted cost base) of the stock.
Thank you for the thanks.
By the way, Answers to this and other similar questions can be obtained free on Air every Sunday morning.
Starting this Sunday at 9:00 AM on 600AM in Vancouver, Fred Snyder of Cartier Partners and I will be hosting an INFOMERCIAL but 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
We are also conducting FREE mortgage interest as a deduction and Alternatives to RRSP account seminars every
Wednesday night at
7 PM at
1764 West Seventh
Vancouver, BC,
Call the program on Sunday morning or (604) 731-8900 to register for the seminar.
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This from ask an income tax immigration planning and bankruptcy expert consultant guru or preparer from www.centa.com or www.jurock.com or www.featureweb.com. Canadian David Ingram deals daily with tax returns dealing with expatriate:
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