Make Your Canadian Mortgage Tax Deductible
Wednesday, January 06 2010 @ 10:00 PM PST
In 1976 one of David Ingram's tax clients had to borrow money to pay the expenses of his rental property until his tenant received an insurance settlement - about 2 years later. The client, upon receiving all the back rent, asked David if he HAD to pay down the business loan with this money, or could he use it to pay down his mortgage or for any other personal use.
Thus was born the concept of making the mortgage of a business proprietor tax deductible. Along the way from then to now this concept has passed to others, had books written about it, and had bank managers and other financial consultants call the concept "ILLEGAL" - but it isn't, and David proves it in this video. You can read about this in David's November 2001 Newsletter as well.
- The History and Is Deduction of Your Mortgage Interest in Canada Legal? - YES!
- A Personal Example - Making David's own Mortgage Tax Deductible
- Tax Cases that Prove the Case for Making Your Mortgage Tax Deductible: John Singleton, Mrs. Overs, Lippson
- More of the history of Mortgage as a tax deduction
- Fred Snyder Teaches it, Fraser Smith wrote a book about it - David calls it the CEN-TA Clause - and it WORKS!
[key: mortgage interest tax deduction Smith_Maneuver proprietorship rental_income]