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
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.
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