RRSP Mortgage and Self-Employment Writeoffs

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  • RRSP Mortgage and Self-Employment Writeoffs

    My wife and I are investigating getting an RRSP mortgage on our home. We meet all of the financial requirements for setting one up, but I cannot figure out if we can write-off the interest that we would pay to ourselves for the percentage of the house that is used for business (about 10% of the floor space). Anyone have experience with this?
    "Tom is a well known racist, and like most of them he won't admit it, possibly even to himself." - Ed Seedhouse, October 4, 2020.

  • #2
    Re: RRSP Mortgage and Self-Employment Writeoffs

    You should talk to a professional. Find out if the 10%, particularly if you're writing it off against your taxes as far as maintenance and heating, etc go, will make that portion of the house taxable when you sell the house.

    I remember back around 1973 when Endel and I were going to a CFC meeting in Kingston he explained the ins and outs to me. I decided it wasn't worth doing. Things could be completely different now.
    Gary Ruben
    CC - IA and SIM

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