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| In the US, mortgages have been a tax deduction for the average person for years. I don’t know much about how that works so don’t ask!
In Canada, you can take some interest deduction if you operate a business out of your home. Check with your tax advisor for the appropriate deduction for you. What if you don’t have a home based business? Is there anything you can do? Yes. Don’t try this without the advice of a professional. Every situation is unique and you can’t assume that this will work for you. There is something called “The Smith Manoeuvre“. This is where you can slowly convert the nature of your mortgage so that the interest becomes deductible over time. This is not without risk and shouldn’t be taken on without careful consideration of what you can stomach. It’s almost too late to deal with the 2011 tax year. RSP is the only option you have left and only for a couple more weeks. You can take action to deal with the future. We all say we never have enough time to meet with our financial advisors. It’s true. You have to make it a priority in your life and MAKE the time. Ask your minister/priest. Even he or she will make it clear how important it is to marriages and families to address financial issues. Call your advisor today. Make it a great day! Barry What are you thankful for today? |
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