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Top Court OKs manoeuvre that makes mortgages tax-deductible
The Supreme Court of Canada gave a seal of approval Thursday to a commonly used manoeuvre that effectively makes mortgages tax-deductible, ruling the technique is legal and "unimpeachable" under federal income-tax laws.
But the decision was nonetheless a defeat for Earl and Jordanna Lipson of Toronto, who the court concluded went too far in their mortgage scheme by adding an extra twist that was an abuse of the Income Tax Act.
http://www.vancouversun.com/news/todays-pa...8154/story.html
The Supreme Court of Canada gave a seal of approval Thursday to a commonly used manoeuvre that effectively makes mortgages tax-deductible, ruling the technique is legal and "unimpeachable" under federal income-tax laws.
But the decision was nonetheless a defeat for Earl and Jordanna Lipson of Toronto, who the court concluded went too far in their mortgage scheme by adding an extra twist that was an abuse of the Income Tax Act.
http://www.vancouversun.com/news/todays-pa...8154/story.html