Thinking of making your mortgage tax-deductible?

If you're thinking of making your mortgage tax-deductible you may want to read this article from the Toronto Star before jumping the gun.

For most homeowners, the idea of making your mortgage tax deductible sounds very attractive. This particular technique is called the Smith Manoeuvre.

According to Smith Manoeuvre Financial Corporation (smfc.com), "the Smith Manoeuvre is a financial strategy that simultaneously converts mortgage interest to tax deductions, shortens the amortization of your mortgage and builds a free and clear pension portfolio for your retirement – funded through your monthly mortgage payments and without requiring any additional monthly cash investment!"

The investment strategy is explained in a book called The Smith Manoeuvre: Is Your Mortgage Tax Deductible? by Canadian financial guru Fraser Smith (Outspan Publishing, $24.95).

In the March issue of REM (Real Estate Magazine, remonline.com), a monthly publication for industry stakeholders, tax specialist Dan White cautions homeowners about using the Smith Manoeuvre strategy.

Click here to read about Dan White's opinion about this strategy.


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