Her only assets are her mortgaged house, furniture and a 15-year-old car, plus some modest superannuation. My father is.
Many tax payers in Canada pay interest on personal borrowing, such as mortgage interest, car loans, lines of credit, and credit cards, but few Canadians can deduct that interest on their tax returns. A way exists, however, for some tax payers to convert that non-deductible interest into a tax deduction.
Tax-deductible interest is a borrowing expense that a taxpayer can claim on a federal or state tax return to reduce taxable income. Types of interest that are tax deductible include mortgage.
Interest on car loans may be deductible if you use the car to help you earn income. Interest on loans is deductible under CRA-approved allowable motor vehicle expenses. Read on for details on how to deduct car loan interest on your tax return.
Car Loans. If you use your car for business, you can deduct the interest that you pay on your car loan as an interest expense. You can take this deduction whether you deduct your car expenses using the actual expense method or the standard mileage rate, because the standard mileage rate was not intended to encompass interest on a car loan.
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It’s important to remember that it is not the loan payment that is tax deductible but the interest paid. practically speaking, most of a homeowner’s initial mortgage payments do go toward the interest – so much of the tax deductions for mortgage loans are realized in the initial years of the loan.
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– The general rule is that interest payments are tax deductible, but there are many exceptions to consider when filing taxes. The question of what types of interest payments are tax deductible used to be a simple one, but since 1986, the law governing tax deductible interest payments has become very complicated.
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