I was very excited to discover 'cash flow dam' from one of the links you guys posted. I wonder if many of you have tried it? I can't think of any reason why wouldn't somone that owns rental property and has access to Line of credit use this method?
I have 3 questions, please give me some opinion.
1. if I'm generating profit from my rental property(therefore is allow as per CRA rule), however after deducting the interest I paid to LOC, it becomes a loss, am I still allow to claim rental loss as per tax act?
2. do I track the interest paid on LOC under T776(rental stmt) or I need to track under Line221 from T1?
3. when should I consider to repaying LOC balance? it does add up quick(considering apx $15000 a year!)
Thanks!!
I have 3 questions, please give me some opinion.
1. if I'm generating profit from my rental property(therefore is allow as per CRA rule), however after deducting the interest I paid to LOC, it becomes a loss, am I still allow to claim rental loss as per tax act?
2. do I track the interest paid on LOC under T776(rental stmt) or I need to track under Line221 from T1?
3. when should I consider to repaying LOC balance? it does add up quick(considering apx $15000 a year!)
Thanks!!
