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Example
A rental property owner in Toronto, ON has an annual income of $100,000, a current mortgage on their home of $200,000 with a 20 year amortization at 4%. The rental property expenses total $20,000.
Calculations determine that her mortgage can be converted to be deductible in 10 years.
In the 10th year she could save $2,155 in tax for a cumulative savings of $14,442.
Over the 20 year amortization, she could save upwards of $26,000.
Calculations determine that her mortgage can be converted to be deductible in 10 years.
In the 10th year she could save $2,155 in tax for a cumulative savings of $14,442.
Over the 20 year amortization, she could save upwards of $26,000.
E.O.E:
The above calculation is an approximation using the following assumptions: 1) 4% Mortgage rate 2) 45% Marginal Tax Rate. Not intended to be relied upon for implementation for spindebt or on any other financial planning. |