Is Your Mortgage Tax Deductible?
Wealthy Canadians spend 30 hours per month planning and working on their financial futures. Unfortunately, too many Canadians do not have a clear financial plan to help them retire comfortably, largely because it is difficult to build savings while paying off a mortgage. Now qualified homeowners can do both. How? By building wealth through a tax-deductible mortgage. We at the Vancouver Mortgage Team are pleased to be able to offer this fully managed strategy to our clients! Learn more here, or contact mortgage specialist for details on whether you qualify.
How can I get a tax-deductible mortgage in Canada?
The Tax Deductible Mortgage Plan, or TDMP, is a structured investment plan that converts a non-tax-deductible mortgage loan into a tax-deductible investment loan. Converting your mortgage to a tax-deductible loan essentially makes the mortgage interest tax deductible, which means you receive a tax refund. This allows you to benefit both from investing in the markets and reducing your tax burden – without paying a penny out of pocket.
How can a tax-deductible mortgage help me pay off my home?
Making extra payments on your mortgage loan is the best way to be mortgage-free faster. Because the Tax Deductible Mortgage Plan often generates a tax refund, it provides money you can put toward paying down your mortgage. And, by shortening the length of the loan, you can save yourself thousands of dollars in mortgage interest – and enjoy the freedom of being mortgage-free sooner.
How much does a tax-deductible mortgage cost?
The Tax-Deductible Mortgage Plan’s fees are funded by the proceeds of your investment plan and are also fully tax deductible. This means you won’t have to pay out of pocket for this service.
How do I know if I’m eligible for a tax-deductible mortgage?
You must meet a few simple guidelines to qualify for the Tax Deductible Mortgage Program. Contact a mortgage specialist at the Vancouver Mortgage Team, to find out whether you are a good candidate and what you can do to meet the guidelines for this mortgage tax deduction.