In Canada, the interest on the mortgage of your principle home is not a tax deduction. However, just because it’s not easily deductible, doesn’t mean it’s not possible. In this episode we will take a deep dive into the Smith Maneuver.
If done correctly, this strategy will help you turn your bad debt into good debt.
In other words, the strategy will help you deduct the interest paid on your taxes.
Key Moments:
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The Mortgage Interest Problem in Canada
– Explains why interest on your principal residence isn’t typically tax-deductible in Canada. -
Introducing the Smith Maneuver
– A deep dive into this advanced strategy to make mortgage interest tax-deductible. -
Turning Bad Debt into Good Debt
– How the Smith Maneuver transforms non-deductible mortgage interest into a tax-efficient investment tool. -
Tax Deduction Potential
– Practical insights into how, when done correctly, this strategy allows you to deduct interest from your taxes. -
Key Considerations & Risks
– Likely covers what to watch out for and how to implement the strategy properly.
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