Mortgage Interest

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Mar 2nd, 2019 1:51 pm

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mortgage interest

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Mar 2nd, 2019 12:16 am

craigslist123 [OP]: Deal Addict; Nov 4, 2012; 1003 posts; 465 upvotes

Mar 2nd, 2019 12:16 am

Mortgage Interest

I'm renting out my apt.

Can I deduct the interest I pay on my mortgage in box 8710 on T776 Statement of Real Estate Rentals
https://www.canada.ca/content/dam/cra-a ... 76-17e.pdf

5 replies

Mar 2nd, 2019 1:00 am

Sam286: Member; Jul 26, 2015; 453 posts; 523 upvotes; Vancouver, BC

Mar 2nd, 2019 1:00 am

craigslist123 wrote: ↑ I'm renting out my apt.

Can I deduct the interest I pay on my mortgage in box 8710 on T776 Statement of Real Estate Rentals
https://www.canada.ca/content/dam/cra-a ... 76-17e.pdf

The mortgage interest for your rented apartment is fully deductible during the term it is rented out.

Mar 2nd, 2019 8:10 am

nx6288: Deal Addict; Jul 29, 2006; 4186 posts; 1020 upvotes

Mar 2nd, 2019 8:10 am

Sam286 wrote: ↑ The mortgage interest for your rented apartment is fully deductible during the term it is rented out.

So is hiring an accountant

Mar 2nd, 2019 10:20 am

Staffah: Jr. Member; Aug 5, 2018; 137 posts; 154 upvotes

Mar 2nd, 2019 10:20 am

Principal residence? Talk to an accountant like the above poster said.

Mar 2nd, 2019 12:19 pm

mingyang: Deal Addict; Mar 14, 2006; 4406 posts; 812 upvotes

Mar 2nd, 2019 12:19 pm

on the simpletax website, i just enter the total interest amount paid for the year 2018 for box 8710. just make sure you put in the personal portion correctly (ie 70%) then the software will automatically acknowledge that 30% of that box 8710 was for the rented portion.

Mar 2nd, 2019 1:51 pm

craigslist123 [OP]: Deal Addict; Nov 4, 2012; 1003 posts; 465 upvotes

Mar 2nd, 2019 1:51 pm

Thanks Guys.

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