Mortgage Laws In Canada
Mortgaging to start a business / Tax deductible interest in Canada?
Hey people,
I’ve got a business start up question, I’ve not been in Canada too long and I’m finding the Tax laws here a little daunting.
If I Mortgage my home to pay for my business start up, does the interest on that mortgage become Tax deductible?
I’m not sure how it works in Canada, it might not be as straight forward as that, in fact I’m sure it’s not.
If anyone has some input, I would appreciate it.
Thank you!
There is also another option. Some banks will give you a business loan “with a personal guarantee” So you can get your business loan with all of the taxation benefits of the loan, while you put your personal home up as collateral on the loan.
The more important thing this type of loan does is creates a separate paper trail for tax and business purposes. For example interest paid on the loan would be directly attributable to the business, therefore if you ever got audited by the CRA its much less likely that interest could be attributed to your person.
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