This is a multi-part message in MIME format.
---------------------- multipart/alternative attachment
This is a reprint dealing with the CRA's newest bulletin on deducting =
interest.
=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=
=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D
david ingram replies:
=20
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:=20
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.
=20
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=20
New email to [email protected]
www.centa.com www.david-ingram.com
Disclaimer: This question has been answered without detailed =
information or consultation and is to be regarded only as general =
comment. Nothing in this message is or should be construed as advice =
in any particular circumstances. No contract exists between the reader =
and the author and any and all non-contractual duties are expressly =
denied. All readers should obtain formal advice from a competent and =
appropriately qualified legal practitioner or tax specialist in =
connection with personal or business affairs such as at www.centa.com. =
If you forward this message, this disclaimer must be included."
Be ALERT, the world needs more "lerts"
This from "ask an income tax and immigration expert" from www.centa.com =
or www.jurock.com or www.featureweb.com. David Ingram deals on a daily =
basis with expatriate tax returns with:
multi jurisdictional cross and trans border expatriate problems for the =
United States, Canada, Mexico, Great Britain, the United Kingdom, =
Kuwait, Dubai, Saudi Arabia, Thailand, Indonesia, Japan, China, New =
Zealand, France, Germany, Spain, Italy, Russia, Georgia, Brazil, Peru, =
Ecuador, Bolivia, Scotland, Ireland, Hawaii, Florida, Montana, Morocco, =
Israel, Iraq, Iran, India, Pakistan, Afghanistan, Mali, Bangkok, =
Greenland, Iceland, Cuba, Bahamas, Bermuda, Barbados, St Vincent, =
Grenada,, Virgin Islands, US, UK, GB, and any of the 43 states with =
state tax returns, etc. Rockwall, Dallas, San Antonio and Houston Texas
Income Tax and Immigration Tips, Income Tax and ImmigrationWizard Income =
Tax and Immigration Guru Income Tax and Immigration Consultant Income =
Tax and Immigration Specialist
Alaska, Alabama, Arkansas, Arizona,=20
California, Colorado, Connecticut, =20
Delaware, District of Columbia, Florida,=20
Garland, Georgia, Hawaii, Idaho, Illinois,
Indiana, Iowa, Kansas, Kentucky,=20
Louisiana, Maine, Maryland, =20
Massachusetts, Michigan, Minnesota, =20
Mississippi, Missouri, Montana, Nebraska, =20
Nevada, New Hampshire, New Jersey,=20
New Mexico,New York, North Carolina, =20
North Dakota, Ohio, Oklahoma, Oregon.=20
Pennsylvania, Rhode Island, Rockwall,=20
South Carolina, South Dakota, Tennessee, =20
Texas, Utah, Vermont, Virginia,=20
West Virginia, Wisconsin, Wyoming,=20
British Columbia, Alberta, Saskatchewan,=20
Manitoba, Ontario, Quebec City,=20
New Brunswick, Prince Edward Island,=20
Nova Scotia, Newfoundland, Yukon and=20
Northwest and Nunavit Territories, =20
Mount Vernon, Eumenclaw, Coos Bay=20
and Dallas Houston Rockwall Garland=20
Texas Taxman and Tax Guru and wizzard=20
wizard - consultant - expert - advisor -advisors consultants - gurus - =
Paris Prague Moscow Berlin
Lima Rio de Janeiro, Santaigo=20
---------------------- multipart/alternative attachment
An HTML attachment was scrubbed...
URL: http://www.centa.com/CEN-TAPEDE/centapede/attachments/52eaa905/attachment.htm
---------------------- multipart/alternative attachment--
What's Related