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My question is: Canadian-specific
QUESTION: Hi David,
My question deals with a "mortgage as a write off". If have paid off my house and take out a new mortgage then use that money to buy a group of stocks is the interest on that mortgage tax deductable? None of these stocks are held in an rrsp/resp. They are in an open account. Also are the legal fees required to set up the new mortgage tax deductable? Thank you I enjoy being on your e-mail list I've learned a lot.
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david ingram replies:
You have described a classic deductible Canadian mortgage.
I would add the legal fee to the acb (adjusted cost base) of the stock.
Thank you for the thanks.
By the way, Answers to this and other similar questions can be obtained free on Air every Sunday morning.
Starting this Sunday at 9:00 AM on 600AM in Vancouver, Fred Snyder of Cartier Partners and I will be hosting an INFOMERCIAL but 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
We are also conducting FREE mortgage interest as a deduction and Alternatives to RRSP account seminars every
Wednesday night at
7 PM at
1764 West Seventh
Vancouver, BC,
Call the program on Sunday morning or (604) 731-8900 to register for the seminar.
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