Make Your Mortgage
Tax-deductible with Smart Borrowing Strategies.
Are you paying attention to the right things when hunting for a mortgage? There are three important factors to consider when it comes to your mortgage:
- Your mortgage rate
- Your mortgage terms
- Your tax implications
Despite popular opinion, your mortgage rate is the least important factor to consider.
Did you know that, at some point, most homeowners will break their mortgage? Often people will break their current mortgage to secure a lower interest rate elsewhere or because their situation has changed.
However, breaking a mortgage with a Canadian Bank can incur penalties of $30,000 or more. That’s why it’s so important to prioritize the terms of your mortgage. Favourable terms for breaking a mortgage will provide greater potential for savings down the road — and let you find ways to make your mortgage tax-deductible.
Direction Mortgage understands how to navigate the mortgage process to get our clients the best terms, the best rates, and tax savings opportunities. No matter your situation, our team can help you find smart strategies to help you save with your mortgage.
Calculate Your Mortgage
Do you have existing equity in your home or a secondary property? If you’ve seen the value of your home increase over the past few years, it may be a great time to refinance and diversify your existing investments.
Refinancing your home can allow you to leverage your equity to catch up on RRSP and RESP contributions, while simultaneously reducing your taxable income. That’s how our team was able to help our clients, Jeremy and Tina.
By refinancing their home, Jeremy and Tina were able to bring their after-tax interest tax from 3% to 0.68%. At the same time, they were able to catch up on RRSP and RESP contributions and put $30,000 yearly towards savings for retirement and their children’s’ education.
After a detailed look at your financial situation, Direction Mortgage can develop a similar plan to help you leverage your equity, reduce your tax burden, and diversify your investments.
Home Equity and RRSP Contributions
Did you know that your home equity can be used to catch up on RRSP contributions?
Book Your 10-Minute
Learn more about lowering your interest costs and using mortgage interest to reduce your taxes today.
Rave Reviews from Our Clients!
Kevin, thank you so much for your valuable time and support. As first time home buyers, we were really comfortable throughout the entire process. Thank you for answering all our questions in short and sweet.
Highly recommended your service, really appreciated.
Once again, thank you so much.
Kevin was there every step of the way and made the process very easy to understand. He took time to answer all my questions, no matter how stupid they were. I will recommend him to all my friends and family who are looking to buy a home
I would highly recommend Kevin to anybody who is looking for a mortgage. The service was excellent. Kevin was very professional from start to finish. Thank you, Kevin.