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
01696
1 Best answer
TurboTaxEsther
New Member
Oct 30, 2019 8:41:12 PM
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.
1 Replies
TurboTaxEsther
New Member
Oct 30, 2019 8:41:12 PM
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.