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Can I claim interest paid for the purchase of a second property? I have mortgage interest and line of credit for the down payment of same property.
Currently this is not a rental property. We are expecting to make money when the property is sold in 3 years.
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October 30, 2019
1:22 AM
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Investors and rental owners
This type of interest is not claimable for your investment in the second property, unless it becomes a rental. Then it can be used as a rental expense.
"If the only earnings your investment can produce are capital gains, you cannot claim the interest you paid. "
http://www.cra-arc.gc.ca/tx/ndvdls/tpcs/ncm-tx/rtrn/cmpltng/ddctns/lns206-236/221/menu-eng.html
October 30, 2019
1:22 AM