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Do you have a Mortgage Plan?

Is Your Mortgage Tax Deductible?

A mortgage can be a catch-22. It helps you build equity, but big mortgage payments can make it hard to put money toward another key aspect of your financial plan: your retirement savings. Now qualified homeowners can have their cake and eat it too. How? By building wealth through a tax-deductible mortgage.  We at the Vancouver Mortgage Team are pleased to be able to offer this fully managed strategy to our clients! Learn more here, or contact mortgage specialist Hani Faraj for details on whether you qualify.

 

How can I get a tax-deductible mortgage in Canada?

The Tax Deductible Mortgage Plan, or TDMP, is a structured investment plan that converts a non-tax-deductible mortgage loan into a tax-deductible investment loan. Converting your mortgage to a tax-deductible loan essentially makes the mortgage interest tax deductible, which means you receive a tax refund. This allows you to benefit both from investing in the markets and reducing your tax burden – without paying a penny out of pocket. 

 

How can a tax-deductible mortgage help me pay off my home?

Making extra payments on your mortgage loan is the best way to be mortgage-free faster. Because the Tax Deductible Mortgage Plan often generates a tax refund, it provides money you can put toward paying down your mortgage. And, by shortening the length of the loan, you can save yourself thousands of dollars in mortgage interest – and enjoy the freedom of being mortgage-free sooner. 

 

How much does a tax-deductible mortgage cost?

The Tax-Deductible Mortgage Plan’s fees are funded by the proceeds of your investment plan and are also fully tax deductible. This means you won’t have to pay out of pocket for this service.

 

How do I know if I’m eligible for a tax-deductible mortgage?

You must meet a few simple guidelines to qualify for the Tax Deductible Mortgage Program. Contact Hani Faraj, a mortgage specialist at the Vancouver Mortgage Team, to find out whether you are a good candidate and what you can do to meet the guidelines for this mortgage tax deduction.