As a BC mortgage broker I wonder how we got into this mess and what the future will hold. Now I know the answer and the solution to our problems.
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The writer is a BC mortgage broker with an strong interest in all areas of mortgage financing in Canada.
The deficits piled up by the current government will have the result of a taxation tsunami.
We have just come off one of the most prosperous periods in Canadian economic history. During this period provincial governments were closing schools and rationing healthcare.
Now this…a financial meltdown and huge government deficits.
The people will wonder were the services they thought they were paying for went. And through all of this governments will be looking to feed the beast that consumes tax dollars.
Canadians need to consider tax avoidance strategies to ensure that they keep more of their money. I am not suggesting they subscribe to those schemes posing as tax shelters for investors to write off income against their taxes.
There is a crucial difference between tax evasion and tax avoidance. The difference is often clouded by these promoters whose mantra of saving taxes appeals to the greed and naivety of the investors.
The Canada Revenue Agency eventually catches up to them. Disallowing all of their deductions and sending out the tax bill that could drive them into bankruptcy.
Tax evasion is illegal. Tax avoidance is not. Try and hide your money…they will find it. Buy something for a tax break…the CRA will disallow it.
The next five years will prove to be crucial for Canadians to consider tax planning as part of a necessary tax avoidance strategy. And for most Canadians their mortgage represents their largest investment.
But mortgages are not tax deductable in Canada…or are they. A tax deductible mortgages can be achieved.
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