How Can I Claim A Tax Deduction On My Interest From My Mortgage?
Hearing a lot about the “Smith” maneuver. Just wondering what the downfalls are and the risks. This pertains only to Canadians. Investment Firm answers are welcome, but I do need to hear the downsides in order to better understand the upsides. Would love to kill my mortgage faster, especially since I just worked out that I will be paying over $24K in interest this year!
Category: mortgage
A tax specialist advised me that CRA’s GAAR committe has about 8 cases regarding the Smith maneuver. If its on the GAAR’s radar, then its best to steer clear of it.