David Ingram of CEN-TA Tax writes that Glen Kelleway is one of the few Metro-Vancouver mortgage brokers who truly understand the principle of making your residential mortgage interest tax deductible. Tax deductable mortgage interest is becoming a common way for residential property owners to benefit from the Canadian Tax laws.

Savvy financial advisors have been designing tax-deductible mortgages for their clients for years. Essentially you restructure your mortgage to do three things: save on your interest dollars; pay down your mortgage debt more quickly, and build a handsome retirement portfolio along the way; all without increasing your total debt load. It’s a different way to look at a residential mortgage, one that makes Canadian tax laws work for you.

You see, Canadian tax laws allow the deduction of interest on loans made for qualified investment purposes. With careful planning, you can convert your non-deductible mortgage debt into tax-deductible investment debt. The interest on the amount you borrow to invest now becomes tax deductible, possibly triggering a tax refund. The more principal you pay on your mortgage and then re-borrow to invest, the bigger your tax deductions.

Kelleway Mortgage Architects can help you set this up with either a re-advanceable mortgage or home equity line of credit. You simply convert your mortgage into one of these products. It’s legal, it’s perfectly sound and it’s smart.

Glen Kelleway at Kelleway Mortgage Architects can help you get started on making this strategy part of your mortgage plan. Located in Maple Ridge, he serves clients throughout British Columbia, Canada.

This entry was posted on Wednesday, July 29th, 2009 at 10:40 pm and is filed under Save Money. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.