Use Non-Registered Investments to Make Your Mortgage Tax Deductible
The Tax Deductible Mortgage Plan
This unique mortgage strategy also allows you to make your current mortgage tax deductable but is significantly different from the one mentioned above. The Tax Deductible Mortgage Plan (TDMP) is a wealth creation strategy that focuses on re-structuring the mortgage you have on your principle residence. The TDMP meets Canada Revenue Agency requirements but is not recommended for all homeowners. If you are interested in learning more about the TDMP we recommend that you invest some time understanding the strategy to see if it is right for you. For those that qualify and understand the commitment, the TDMP offers an average tax refund of $4,500 in the first year. As a homeowner, you will be able to pay off your mortgage significantly faster, reducing your amortization to around 12 years.
The information in this article was current at 06 Dec 2011