Comments on: Main house in Canada, is the mortgage interest deductible? http://www.villa-rosa-di-sicilia.com/house/main-house-in-canada-is-the-mortgage-interest-deductible Wed, 08 Feb 2012 07:54:59 +0000 hourly 1 http://wordpress.org/?v=3.0.1 By: MadManhttp://www.villa-rosa-di-sicilia.com/house/main-house-in-canada-is-the-mortgage-interest-deductible/comment-page-1#comment-5163 MadMan Thu, 04 Feb 2010 17:40:59 +0000 http://www.villa-rosa-di-sicilia.com/house/main-house-in-canada-is-the-mortgage-interest-deductible#comment-5163 Yes it is. However, you should talk to a professional as there could be a requirement for you to withhold 30% of the payment and then the bank would have to claim this back from the government. As no bank would want to do this, they would just increase your payment by enough to cover the withholding, which you would not want. So, talk to an expert first.<br><b>References : </b><br> Yes it is. However, you should talk to a professional as there could be a requirement for you to withhold 30% of the payment and then the bank would have to claim this back from the government. As no bank would want to do this, they would just increase your payment by enough to cover the withholding, which you would not want. So, talk to an expert first.
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]]> By: taxmannychttp://www.villa-rosa-di-sicilia.com/house/main-house-in-canada-is-the-mortgage-interest-deductible/comment-page-1#comment-5162 taxmannyc Thu, 04 Feb 2010 17:35:59 +0000 http://www.villa-rosa-di-sicilia.com/house/main-house-in-canada-is-the-mortgage-interest-deductible#comment-5162 Yes, if it's your primary residence you can deduct the mortgage interest on your US return, even though the property is outside the US.<br><b>References : </b><br> Yes, if it’s your primary residence you can deduct the mortgage interest on your US return, even though the property is outside the US.
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]]> By: donfletcheryhhttp://www.villa-rosa-di-sicilia.com/house/main-house-in-canada-is-the-mortgage-interest-deductible/comment-page-1#comment-5161 donfletcheryh Thu, 04 Feb 2010 17:10:59 +0000 http://www.villa-rosa-di-sicilia.com/house/main-house-in-canada-is-the-mortgage-interest-deductible#comment-5161 If you are referring to Canadian tax, no. In Canada capital gains on your primary residence are exempt from tax, but not mortgage interest.This gives Canadians the incentive to get their mortgage paid off asap unless they are renting the home to someone else.<br><b>References : </b><br> If you are referring to Canadian tax, no. In Canada capital gains on your primary residence are exempt from tax, but not mortgage interest.

This gives Canadians the incentive to get their mortgage paid off asap unless they are renting the home to someone else.
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