tax deductible: Tax Deductible Mortgages Canadians - Vancouver, BC
- 01/13/10 05:02 PM
For years Americans have enjoyed the benefits of being able to deduct the interest paid on their residential mortgage and save on income tax. Some people may say that this benefit is partly why Americans have encountered so much housing trouble as this concept encourages you to keep a high mortgage balance...after all the interest on the mortgage is tax deductible, so why not? Luckily or not, in Canada, we are more conservative. While we don't have all the same benefits in Canada, there is a way to build your net worth and benefit from some legal tax deductions. Fraser Smith … (3 comments)
tax deductible: Are you or your Buyers Self-Employed and having trouble?
- 01/07/10 03:54 PM
Alot has changed in the mortgage world since 2009's financial crisis and lender tightening. More and more self-employed people have been phoning me, frustrated with their banks and because they're not cut and dry, feeling like they're getting the brush off by bankers too busy focusing on easier stuff like account openings or credit card promotions. Yes, it has gotten tougher these days with CMHC and other insurers pretty much wanting a blood sample if anyone dares apply under their "self-employed simplified" program. No more stated income programs unless you're a new Doctor with less than 2 years financials....everyone else...no such … (12 comments)
For years Americans have enjoyed the benefits of being able to deduct the interest paid on their residential mortgage and save on income tax. Some people may say that this benefit is partly why Americans have encountered so much housing trouble as this concept encourages you to keep a high mortgage balance...after all the interest on the mortgage is tax deductible, so why not? Luckily or not, in Canada, we are more conservative. While we don't have all the same benefits in Canada, there is a way to build your net worth and benefit from some legal tax deductions. Fraser Smith … (3 comments)
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