Every Thursday evening Fred Snyder and I hold a free seminar at Fred's
office at 1764 West 7th (corner of Burrard in the Spence Diamond
building) in Vancouver.
The topics are:
Seg funds and an alternative to the traditional RRSP.
Making your mortgage income tax deductible
Critical Care insurance for disasters.
coffee and sometimes cookies of course.
Phone 604-731-8900 to reserve your seat -and, you are welcome to bring
your brother, your sister, your mother or father, your children, your
best friend, your worst enemy or your own financial advisor who hasn't
explained how to make your mortgage deductible.
==================================
Hello, we find your information most interesting and helpful. We
always enjoy receiving your news! We have a few questions.
1. We are thinking of purchasing a rental property and building
another rental home on the same property. We have RRSP monies to buy
it and build. We understand we can use the RRSP money for an
investment and pay the RRSP monies back over a period of time. Is
this correct?
Is it better to borrow the money from a bank or use RRSP monies?
2. If we borrow money from a bank to invest in stocks, can we right
off the interest from the money borrowed? How do we go about doing
this correctly?
Thank you kindly for your help and information.
=====================================
david ingram replies:
You could use the RRSP to hold a mortgage (first or second) on your
property. I do not recommend this.
1. Borrow the money from the bank.
2. If you borrow money to buy stock, it has to be dividend paying
stock to use the interest as a deduction.
If you do this you write the interest off on schedule 4 of your
T1-General tax return under carrying charges along with your safe
deposit box.
.
Answers to this and other similar questions can be obtained free on
Air every Sunday morning.
Every Sunday at 9:00 AM on 600AM in Vancouver, Fred Snyder of Dundee
Wealth Management and I, David Ingram host a 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
Local calls are taken at (604) 280-0600 and Long Distance calls (BC
only) are taken at 1( 866) 778-0600
Callers to the show are invited to attend free seminars on financial
planning with such specialities as deductible mortgage interest. They
are held at Fred Snyder's Office at 1764 West 7th in Vancouver - (604)
731-8900 for more information.
=========================================
This from "ask an income tax and immigration expert" from
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Immigration Tips, Income Tax and ImmigrationWizard Income Tax and
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=========================
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============================
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