Overseas mortgage interest tax deductible?

[paiting]

Hi everyone!

Is mortgage interest on foreign property which is rented out tax deductible? It seems that this is the case if the property is in Canada, but I am wondering if this applies for property held offshore as well.

My wife and I will be moving to Toronto in a few months, and are trying to plan ahead on taxation- if we need to prepare documentation etc.

Thanks in advance for any answers!

 

[canuck_in_uk]

Hi everyone!

Is mortgage interest on foreign property which is rented out tax deductible? It seems that this is the case if the property is in Canada, but I am wondering if this applies for property held offshore as well.

My wife and I will be moving to Toronto in a few months, and are trying to plan ahead on taxation- if we need to prepare documentation etc.

Thanks in advance for any answers!

Hi

Yes, you can claim mortgage interest on your rental. Note that you must fully declare the rental income.