IT-533 The last word on Deducting Interest in Canada -

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This is a reprint dealing with the CRA's newest bulletin on deducting =
interest.
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david ingram replies:
 =20
For the first time, the CCRA is clearly spelling out the rules for =
making mortgage interest and other interest deductible.
It is easier to deal with now.
ingram
Read the Government Bulletin at:
http://www.ccra-adrc.gc.ca/E/pub/tp/it533/it533-e.html#P138_15186
Print it out and then read my November 2001 Newsletter on the same =
subject at:=20
http://www.centa.com/CEN-TAPEDE/November_2001.htm
david ingram
The example I like best is the most abused.
Someone will borrow $1,000 to buy an investment and the interest is =
clearly deductible.  However, if they sell the investment for less money =
as David Emerson did, in the past, they would try and disallow the =
interest on the remaining loan because there was no longer any =
expectation of profit.  This bulletin clearly states that if you sell it =
for $600 and pay off $600 of the loan, the interst on the $400 remaining =
is still deductible even though there is no ;pmger any possibility of =
profit.
However, if you take the $600 and buy something personal, none of the =
interest would be deductible in the future.
Pay atention and print it all out.
 =20
David Ingram's US/Canada Services
US / Canada / Mexico tax and working Visa Specialists
US / Canada Real Estate Specialists
4466 Prospect Road
North Vancouver,  BC, CANADA, V7N 3L7
Res (604) 980-3578 Cell (604) 657-8451
(604) 980-0321=20
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