Sent: Wednesday, March 01, 2006 5:51 PM
To: taxman at centa.com
Subject: Interest on Morgage
Is it possible for me to claim a deduction for the interest I
paid on my mortgage in the last year in Canada.And if so what
forms do I need?
===========================================
david ingram replies:
I am only talking at Fred Snyder's seminars once a month now and
tonight is one of the free seminars on Income tax with a 20
minute part by me on making your mortgage deductible.
The answer is that it is possible to arrange one;s affairs to
make the interest on a Canadian mortgage deductible but it is
unlikely that you will have done that yet.
You need to read my Nov 2001 Newsletter at www.centa.com (in the
top left hand box).
You should also read Fraser Smith's book, the Smith Manoeuvre
which deals with the same thing.
Believe it, it is worth it. If you are paying 5% on a $300,000
mortgage, the interest is $15,000 a year. Essentially, you have
to earn an actual $25,000 and pay $10,000 income tax, CPP and EI
to have $15,000 left over. If an when you arrange your affairs
to make the $15,000 deductible, you pay the $15,000 and get a
$5,000 to $9,000 tax refund. An amazing difference and perfectly
legal if you follow the right steps.
Fred Announced that any first time seminar attendees at tonight's
seminar would get a free dinner first at 6 PM at the Thai House
restaurant next door. However, it is limited to thirty people
and I do not know if there are any seats or any room left.
Listen to the Radio Program or come to the seminars as follows:
Every Thursday Evening, Fred Snyder of Dundee Wealth Management
conducts one of 17 different financial seminars in the boardroom
of his office
Time: 7:00 to 9:30 PM
Date: Every Thursday evening
Place 1764 West Seventh
Vancouver (corner of Burrard)
Phone (604) 731-8900 to register
No cost - no obligation
Topics always cover mortgage interest as a deduction
other topics - getting the mortgage, estate planning, critical
care insurance, income taxation, differences between stocks and
bonds, and usually the most innovative HELOC mortgage offered in
Canada from Manulife Bank
If you are starting in downtown Vancouver and do not want to go
home first, one of the excellent THAI HOUSE restaurants is in the
same building and makes a nice start to the evening. If it is
your first seminar, Fred will buy you dinner if you are
pre-registered.
I, david ingram, will be at the Thursday evening following the
last Sunday of each month to cover mortgage interest as a
deduction and give the class an adding test.
--------------
And if you missed that, you might want to try me on Friday
Morning on SIRIUS RADIO sometime between 9 and noon as follows:
listen to David Ingram Friday Morning on Channel 114 Sirius
Radio The Good Life with Jesse Dylan Daily at 12 noon New York
time - david Ingram International Income Tax expert - real estate
IRA's 401(K)
Friday March 3, 2006 will be sometime between 9 and noon
Vancouver time,
You can listen live on Channel 114 of your Satellite Radio or
listen to the stream on www.lime.com. You have to have the
latest version of Real Player to listen live on the Internet. You
can get the latest version free by going to
http://www.real.com/playerplus/index.html?src=downloadr
After you are up to date, you can listen to the live program by
clicking on:
http://lime.com/more/Radio_Play/index.html
If you are in Canada and have a question to ask and want to email
it to me in advance, we will try and use it on the air and if
not, I will make a real effort to answer it by email.
But better would be a phone call if you live in the USA.
Yep, a live free phone call is available from anywhere in The
United States (not Canada yet) at 1-866-LIME-114 or
1-866-546-3114
Now, I do not have to tell you that if you want this service
available in the future, support now would be nice. Help me show
those Manhattan types that there is a real demand for a Canadian
to be answering US tax questions with particular emphasis on
those Cross-Border or out of country questions. Thousands of tax
consultants can answer a child tax credit but not many can deal
with foreign tax credits and earned income exemptions and a
foreign vacation home or foreign bank accounts or that foreign
pension you still have after an American works in Australia, or
Algeria or Spain or Canada.
====================================
David Ingram's US/Canada Services
US / Canada / Mexico tax, Immigration and working Visa
Specialists
US / Canada Real Estate Specialists
Home office at:
4466 Prospect Road
North Vancouver, BC, CANADA, V7N 3L7
Cell (604) 657-8451 -
(604) 980-0321 Fax (604) 980-0325
Calls welcomed from 10 AM to 10 PM 7 days a week (please do not
fax or phone outside of those hours as this is a home office)
email to taxman at centa.com
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 for expert help, assistance,
preparation, or consultation 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"
David Ingram specializes in giving expert income tax and
immigration help to American and Canadian citizens living out of
their home countries from Zimbabwe to Saudi Arabia to Mexico to
China or Chile - Cross border, Non-resident - dual citizen - out
of country investments are all handled with competence and
authority.
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and Dallas Houston Rockwall Garland
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assistance expert preparation & immigration consultant david
ingram, experts on rentals mutual funds RRSP RESP IRA 401(K) &
divorce preparer preparers consultants
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