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.
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