tax on mortgage

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How does the Canada Government deduct the tax on mortgage?

sarah · Joined: 19 Mar 2006 Posts: 25 5.06 Dollars($)

Hi

In Canada, if the mortgage is taken out on a principal residence for the purpose of purchasing personal residence is not tax deductible.

Generally, the people have pre-exiting investments purchase a residence with the proceeds of his existing investment. Then, they will contact lender and borrow up-to maximum of 75% of the home value. And invest the borrowed money into eligible investments.

Thanks
SJ


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