Real Estate Financing Assistance Programs

If your new property is at least 40 km closer to your workplace, you may be able to deduct part of your moving expenses from your taxable income.

Advantages

• Deductible transportation costs, temporary lodging, and dual housing expenses.
• Costs tied to selling your old property and buying the new one are also eligible.

Eligibility : 

• The move must be tied to a new job, business, or full-time postsecondary studies, and your new home must be at least 40 km closer to your new workplace.

Basée sur une décision de la Cour suprême du Canada, cette stratégie fiscale permet aux travailleurs autonomes non incorporés et aux salariés propriétaires d'un immeuble à revenus de transformer graduellement les intérêts hypothécaires non déductibles de leur résidence personnelle en intérêts déductibles.

Advantages:

• On a $250,000 mortgage at 3% amortized over 20 years, up to $82,200 in interest can become deductible, for a net gain of about $36,990 after tax (at a 45% rate).
• Generally low, or even no, cost to set up.

Eligibility:

• Intended for unincorporated self-employed workers as well as salaried individuals who own an income property. Implementation should be done with a qualified professional, who will account for factors such as family patrimony rules and the split between personal and business expenses.