Quote:
Originally Posted by Locke
If you're investing in 'investment' property in Canada then you will be able to deduct the mortgage interest.
However, mortgage interest on primary residence is only deductible for small businesses.
The ability for the average person to deduct their mortgage interest is a terrible idea and I hope is never adopted here.
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why is it a terrible idea? i love it because it reduces your tax liability by a lot. Last tax year my husband and i didnt own a house and so our tax refund was pretty small..but we bought a house in june 2007 and when we got our refund this month, wow, it was huge! so its awesome for individuals. you dont get taxed as much!