Making and keeping your interest tax deductible

No one wants to pay more taxes than they should. However, many Canadians have little in the way of tax deductions available to them and feel that there’s nothing they can do to reduce their tax burden.

If it makes sense in your personal circumstances however, an Upvest™ program (prudently borrowing to invest) can kick start your savings, while also providing you with a tax deduction for the interest paid on the loan.
 
If claiming a tax deduction for your interest payments is important to you, you must ensure you understand the tax rules.

There’s been a lot of discussion on the tax deductibility of interest payments in the Canadian court system and at the Canada Revenue Agency (CRA) recently, and you’ll want to ensure you’re onside with these rules at all times.