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New Mortgage Interest Deduction

Tax deductible mortgage interest has been an American institution for years.  Now Manitoba is ready to offer the deduction in Canada.

Liberal leader Jon Gerrard has promised to make 50% of mortgage interest tax deductible for first-time homeowners in Manitoba.  The move would cost the province $10 million and is designed to stem the flow of young Manitobans out of the province.  It’s hoped that a broader tax base will offset the cost.  (Source:  Winnipeg Free Press)

Could other Canadian provinces be next?  Probably not anytime soon, but you never know.  Heck.  Even socialist France is now considering a mortgage interest deduction.