Rental and Tax deduction

[jabjab]

This is the first year that I've had a rental property that started in August. I used my HELOC on my principal residence for the downpayment.

I'm using Ufile to file my taxes and wondering if I can write off interest from the HELOC?

there is a line item that asks for the interest amount, would that be interest paid on the mortgage or the HELOC?

[msommers]

https://www.canada.ca/en/revenue-age...ou-deduct.html

[jabjab]

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https://www.canada.ca/en/revenue-age...ou-deduct.html

I was reading that and didn't know if that would include HELOC interest only payments AND interest on the mortgage or just the HELOC.

[mr2mike]

I don't have a HELOC but I don't think UFile separates this so I would sum the interest payment from your mortgage and the interest on the HELOC. Keep both summary sheets for backup.

Also if you pay a monthly fee for a bank account for the rental, make sure you deduct that too.

[suntan]

Don't forget to deduct the Miele dishwasher.