QUESTION:
I'm paying cash for a small house in BC. Is that the best route to go as opposed to taking out a mortgage? Are there other tax considerations besides the annual property taxes my wife (she is canadian) and I will pay? We reside in the US.
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david ingram replies:
If you happen to be in Vancouver as you sent this, Fred Snyder of Dundee Wealth Management and I are doing a free seminar tonight - Thursday, Aug 5, 2004 at 7 PM at 1764 West 7th in Vancouver (corner of Burrard in Spence Diamond Building). This seminar covers mortgage interest as a deduction in Canada. Anyone can attend but we are limited to about 20 people. There is still room - call (604) 731-8900 to register.
otherwise!
If you are going to rent it out, you should take out a mortgage. If you are going to use it as a seasonal residence, you should pay cash to pay for it first.
Then, if in the future you need money, you can mortgage the house and use the money for the investment and deduct the interest on your tax return.
goto www.centa.com and read the November 2001 newsletter to get an idea about the difference in mortgage interest between Canada and the US.
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Local phone calls to (604) 280-0600 - Long distance calls to 1-866-778-0600.
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