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If I use a personal line of credit to buy a Canadian public listed company stock that pays eligible dividend in a non-registered account, is the interest tax deductible?
- Funding source: Unsecured Personal Line of Credit
- Investment: holding dividend paying Canadian public listed company shares and not trying to sell in the short term
- Type of Dividend: eligible dividend
- Account: Non-Registered
- Tax Status: Canadian Tax Resident
October 30, 2019
8:41 PM
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Self-employed
WOW you are thorough!
Yes, you can use interest you paid to earn the dividend income as a carrying charge.
The key is you said NON registered.... Good job explaining your situation.
October 30, 2019
8:41 PM