Make Your Mortgage Tax-deductible with Smart Borrowing Strategies.
Are you paying attention to the right things when hunting for a mortgage? There are three important factors to consider when it comes to your mortgage:
- Your mortgage rate
- Your mortgage terms
- Your tax implications
Despite popular opinion, your mortgage rate is the least important factor to consider.
Did you know that, at some point, most homeowners will break their mortgage? Often people will break their current mortgage to secure a lower interest rate elsewhere or because their situation has changed.
However, breaking a mortgage with a Canadian Bank can incur penalties of $30,000 or more. That’s why it’s so important to prioritize the terms of your mortgage. Favourable terms for breaking a mortgage will provide greater potential for savings down the road — and let you find ways to make your mortgage tax-deductible.
Kevin Bell and his team understand how to navigate the mortgage process to get our clients the best terms, the best rates, and tax savings opportunities. No matter your situation, our team can help you find smart strategies to help you save with your mortgage.
Book a Consultation with Kevin Today
Investing in Property
Rental properties are one of the best investment vehicles available today. However, the challenges of financing the purchase of an investment property can make it difficult to take advantage of this opportunity.
Most lenders will discount rental income when considering your net income on mortgage applications, which makes it harder to qualify. We have solutions to this problem.
Our team has exclusive access to the only lenders in Canada to grant mortgage approval based on net worth (not net income). We can show you how to restructure the financing on a primary property, in order to make more of your mortgage tax deductible when it becomes an investment/rental property. Read our case study to learn more.