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From: XXXX
Sent: Saturday, January 24, 2004 3:17 PM
To: [email protected]
Subject: Have you seen Tax bulletin IT 533 What a joke
Another blow for all Canadian Investors.What A joke
I might as well sell everything now pack up and move to Mexico.
==============================================
david ingram replies:
I disagree. 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:
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.
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
New email to [email protected]
www.centa.com www.david-ingram.com
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