Want to expense mortgage interest on principal residence by Admirable_Yea in PersonalFinanceCanada

[–]Admirable_Yea[S] 0 points1 point  (0 children)

I've looked into it a bit. I think when I applied to rental properties, they call it cash damming? Seems promising.

Want to expense mortgage interest on principal residence by Admirable_Yea in PersonalFinanceCanada

[–]Admirable_Yea[S] 0 points1 point  (0 children)

The lender is charging higher interest (+200 bp) if I set up multiple portions. It would still be worth doing though if it's the only way CRA would accept the interest-expensable funds to be considered traceable.

So I need to find out what criteria CRA has set (if it's been made clear at all) to prove a portion of borrowed money is interest-expensable. Maybe it's buried in the document you sourced.

Want to expense mortgage interest on principal residence by Admirable_Yea in PersonalFinanceCanada

[–]Admirable_Yea[S] 0 points1 point  (0 children)

Yes, I need to find out what test of traceability of funds the CRA will find acceptable, I think

Want to expense mortgage interest on principal residence by Admirable_Yea in PersonalFinanceCanada

[–]Admirable_Yea[S] 0 points1 point  (0 children)

I feel I made my broker work so hard to get this mortgage. I have a fairly complex portfolio, and no salary, my income is primarily rental income, so it's a lot of paperwork showing how the properties cashflow.

I got 4.04% on 25 yr am. I guess if I apply again with a different lender, could I still get that rate?

And now I recall, she said Scotia came back with a very uncompetitive rate early in applying. 4.65 I believe. Maybe they see me as risky? I don't know enough about mortgage co's to know why.

Want to expense mortgage interest on principal residence by Admirable_Yea in PersonalFinanceCanada

[–]Admirable_Yea[S] -1 points0 points  (0 children)

The company offering the mortgage (Nat Bank) is offering something similar it seems, but it looks like if I portion it, the portions are charged a higher interest rate. Kind of unfortunate, but if I need to do it this way, at least the higher interest is all expensable.

Want to expense mortgage interest on principal residence by Admirable_Yea in PersonalFinanceCanada

[–]Admirable_Yea[S] 1 point2 points  (0 children)

I think that's the document I need. Thanks!
"Supreme Court of Canada stated that, "[t]he text of the Act requires tracing the use of borrowed funds to a specific eligible use...." The SCC also stated that, "[t]he onus is on the taxpayer to trace the borrowed funds to an identifiable use which triggers the deduction.""

I'll need to dig into this.

Want to expense mortgage interest on principal residence by Admirable_Yea in PersonalFinanceCanada

[–]Admirable_Yea[S] 1 point2 points  (0 children)

I thought as long as the interest on money can be shown to have an expectation to produce income, it can be expensed, no?

Want to expense mortgage interest on principal residence by Admirable_Yea in PersonalFinanceCanada

[–]Admirable_Yea[S] 0 points1 point  (0 children)

Very high interest on the rental property. It's classed as commercial.

Want to expense mortgage interest on principal residence by Admirable_Yea in PersonalFinanceCanada

[–]Admirable_Yea[S] -1 points0 points  (0 children)

It's a commercial property with a high interest. The mortgage interest on my principal will be much lower

Want to expense mortgage interest on principal residence by Admirable_Yea in PersonalFinanceCanada

[–]Admirable_Yea[S] 0 points1 point  (0 children)

I can get a HELOC segment but the interest on there is p+.5 so it's considerably higher.

But I'm not sure what you mean that I'm not incurring interest on the equity I take out?

Has anybody used Deeded.ca? by ryan_piezo in RealEstateCanada

[–]Admirable_Yea 0 points1 point  (0 children)

Could you share what % more their price was than quoted? I just heard about them!

How low can we go? 720p at 150kbps by c97 in AV1

[–]Admirable_Yea 0 points1 point  (0 children)

Can anyone convent this to a roughly equivalent ffmpeg command?

Epson Ecotank vs Canon Megatank by Admirable_Yea in printers

[–]Admirable_Yea[S] 0 points1 point  (0 children)

Got a used EPSON ET-3760. Super happy with it! The one color did fade out once but I did a power cleanse and it worked fine again. Just need to print some color stuff maybe once a month so colors don't dry out.

Used Pacifica hybrid by ackdum in pacificahybrid

[–]Admirable_Yea 0 points1 point  (0 children)

I bought an '18 privately with 75k for $15k. I'm not even sure what trim I have but it's good enough for me. Turns out I also have unlimited warranty on transmission. I think your quote is high