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CRA on Deducting Mortgage Interest

Mortgage-Interest-Deduction When judging if mortgage interest is tax deductible, Jamie Golombek of the Financial Post reminds us that CRA looks at "the actual, direct use of the borrowed funds."

He writes about a lady who found that out the hard way. She moved from her personal residence into her rental property.  CRA deemed her mortgage interest non-deductible because it was no longer on an “income-producing property.”

Read more in: The perils of writing off the mortgage