Is your mortgage tax deductible?
The following is copied out of Gord's newsletter to his clients and real estate professionals. What I like about this article is how it clearly adds value to his clients by providing very relevant information to Edmonton home buyers / home owners.
The Smith Manoevre
Is your mortgage tax deductible? Unless you're an American, or you've implemented one of the most exciting financial strategies known (or unknown) to Canadians, the answer is NO.
It can be though. At First Foundation we've been researching a financial strategy that, if implemented properly and with the wisdom, advice, and planning of a competent financial planner, can help you to drastically increase your net worth by making the interest you pay on your mortgage tax deducible. This can result in a windfall of free money from the CRA in the form of tax refund cheques which you can use to vastly improve your retirement savings and net worth.
Don't take my word for it. I didn't invent it, but the man who did, Fraser Smith, has written an excellent book on the subject and has been in high demand as a speaker across the country. I had the pleasure of taking in one of his presentations, reading the book, watching the powerpoint presentation, and playing with the calculator. I'm sold.
If you, anyone you know, and/or your financial planner wants more information, please have them give me a call. This simple, easy, time (and CRA) tested strategy could be worth hundreds of thousands of dollars to you at retirement. I don't want this newsletter to sound like an infomercial, but it really is worth your while to discuss this with your financial planner. We can set up the mortgage properly for you to successfully execute the Smtih Manoevre, but your Financial Planner has the expertise to advise you properly before you do anything.
For more information, give us a call or check out the Smith Manoevre Website.
You'll thank me later...
Thanks Gord I appreciate this.