Deductible Property Tax
October 19th, 2008
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Question: Is municipal property tax deductible for tax returns in Canada? What about mortgage payments? ?
Answer: Municiple tax, no.
Mortgage payments, possibly. If you use your home for business purposes you can write off a portion of the interest paid to the mortgage, but that is unter strict guidelines. You can also re-structure your mortgage debt to make it a tax deductible debt, however this depends how much equity you have in your come and it involves leveraging. Can be very rewarding financially, however if you don’t do it right CRA might refuse the deduction. Visit a Financial Advisor or Accountant that is familiar with leveraging to convert your mortgage or who is familiar with business deductions.
Items on Amazon Right Now for Deductible Property Tax:
Mount Joy approves 24% tax hike
A controversial $4.4 million budget that calls for a 24 percent tax increase and freezes nonuniformed employee wages next year was approved by Mount Joy Borough Council Dec. 22.Property tax rates will rise to 4.2 mills in 2010, up from 3.4 mills this year. A property valued at $100,000 would see a t…
Property Tax
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Tags: deductible property taxes, house, property, realestate, rental, tax