Robert McLister·General·October 23, 2007Deducting Mortgage Interest on Rentals Buying a rental property? Here’s a CRA webpage that explains how to handle tax deductible mortgage expenses. Did you know, for example, that mortgage insurance, appraisal fees, and legal fees can only be deducted over a period of five years? (i.e. 20% per year for the first five years of your term) Like news like this?Join our CMT Updates list and get the latest news as it happens. Unsubscribe anytime. SUBSCRIBE! Thank you for subscribing. One more step: Please confirm your subscription via the email sent to you.