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HELOC interest for home purchase
Hi, I am wondering under what heading/topic I enter interest paid on my HELOC.
This money was used as a downpayment for a second property, and the transfer of my principal residence into a rental property. I have a substantial bridge loan interest and then ongoing HELOC interest I'd like to deduct, which the appropriate documentation saying this $ was being used to pay for a property.
I've seen the "line" as directed by the CRA but have no clue what heading that actually goes under in TT>
Thanks
March 29, 2023
6:43 AM
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Troubleshooting
Is the new property your new principal residence or for personal use? If so you can't claim interest expenses related to the purchase of that property.
April 5, 2023
11:34 AM