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Is Your Mortgage Tax Deductible?

Frequently Asked Questions

We've compiled some of the more common questions we receive from clients and listed them out below in an effort to help you quickly find the answer you're looking for. If you still need help, please email and a mortgage consultant would be more than happy to assist you.

Questions & Answers

How do I know if I qualify for a Tax deductible mortgage?
A mortgage specialist will let you know if you qualify for the plan, but there are a few basic guidelines.

First off, you should currently own a home and have built up at least 20% equity. It is possible for new buyers to qualify, but this will require a consultation with a mortgage specialist.

Your outstanding mortgage balance should be at least $100K.

You should be employed (or self-employed) with good credit.

How is a Tax deductible mortgage viewed by CRA (Canada Revenue Agency)? I thought this was the American way!
Tax deductible mortgages have been successfully reviewed by CRA (Canada Revenue Agency) and endorsed by economists, financial planners and financial institutions. It is a legal and common practice to deduct interest when you borrow to invest to produce income.

Further, a recent Supreme Court of Canada decision upheld a Canadian Taxpayer's right to structure the mortgage on their principal residence for maximum tax benefits.

Unlike the American plan the tax deductibility is forced out of your existing mortgage – taking bad debt – not deductible - and converting it to Good debt – tax deductible. This is a complex procedure so we want you to attend one of the seminars to see for your self how the system works. Audit trails are important and not all investments apply so this is not a plan you want to try on your own.

Can I pay off my mortgage sooner?

The best way to pay your mortgage sooner is to take advantage of your prepayment privileges and maximize your early payments. This also converts the Bad debt mentioned into Good debt by re-investing the prepaid amount in qualified investments.
As a result, your mortgage will be paid off significantly sooner which means you save thousands of dollars!

Do I have to wait for my mortgage to mature?
If your mortgage is going to mature within 1 year, it may make sense to wait for maturity. If maturity date is beyond 1 year, engaging in a tax deductible program now rather than waiting might make the most sense because you will benefit from the Tax Refunds right away.

Are the Tax Refunds really Free?
Yes. By converting your mortgage into a tax-deductible loan, you are turning the interest into a tax deduction. When you subtract that deduction from your income, you get a tax refund. That refund is free money. You do not have to invest any of your own income or increase your debt to get the tax refund.
The refund you receive from investing in RRSPs is not free money. You pay for your RRSP by using your own after-tax income to buy the tax refund.

Are my Tax Refunds Guaranteed?
Yes, with the TDMP Tax Audit Protection Plan your tax refunds are 100% guaranteed. In the event of an audit, simply hand the file over to us and let TDMP fight the taxman on your behalf at no additional cost!

For complete details please attend a seminar – become knowledgeable and obtain and read the TTAPP Terms & Conditions. For this tax deductible mortgage plan.

Should I have an accountant file my taxes?
Yes, we recommend that you file your taxes with a Designated Accountant – that just better ensures the audit trail needed on this program is properly covered.

What fees will I be charged?
There is Setup fee is $2750 + GST and recurring Cash Management fees are $39.95 per month. (Subject to change) These fees are 100% Tax Deductible and are funded from the proceeds of the plan so you are never out of pocket.

The Plan is entirely self-funding, simply make your mortgage payments and let our agents handle all of the work!

What is your mortgage freedom date? Take The Test" to receive your FREE Personalized Benefits Report. Find out if you qualify for FREE Tax Refunds and how much sooner your mortgage can be paid off with a Tax Deductible mortgage!


Canadian mortgage rates updated as rates change.
Enjoy the website while planning your next mortgage.

*Fees to Lender/Broker May Apply

Neil “Mortgage Man” McJannet Broker"
109-2626 Countess St. Abbotsford, BC V2T5P3
Kelowna: Phone 250-861-8758, Fax 250-861-8760
Abbotsford: Phone 604-852-5542, Fax 604-756-1311
Toll Free: Phone 1-877-692-7693, Fax 1-877-220-9741