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- Aug 30, 2007
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- 13,879
Any interest on debt for any investment can ( and should be ) be deducted as an expense.
As such, it may make sense to have a product like STEP from ScotiaBank which allows a mortgage plus multiple LOCs on the same property, as some of the cash might be used for a new boat or vacation ( not deductible ) whereas other debt is used for the new investment property ( deductible ).
As such, it may make sense to have a product like STEP from ScotiaBank which allows a mortgage plus multiple LOCs on the same property, as some of the cash might be used for a new boat or vacation ( not deductible ) whereas other debt is used for the new investment property ( deductible ).