Answers
under canada tax system, if i borrow money from personal line of credit through a bank, can i use the interest i pay to lower my taxable income?
There is really only one way to lower your personal taxable income by using a line of credit:
#1 - use the line of credit for investment purposes. When you borrow money with the realistic intentions of making money (whether it's investing in a busienss, stock market, etc), the interest becomes tax deductible, thus lowering your taxible income. Make sure you are working with a financial advisor if you do this because CCRA is very picking about what is and isn't eligible.
any other purchases will do nothing for your income.
propertysold.ca The Canadian Government announced on Jan 17th, 2011 that they will no longer be offering banks insurance on Home Equity Lines Of ...
Take a cash advance against a credit card ?
Sounds like a definite winner.
Seriously, if you don't know the answer, your home-based business is probably part of some MLM scam, and you'll just lose all your money.
What will happen if someone being a Canadian citizen with credit card bills,Line of credit and store card bills with the total of $60,000 unpaid leaves the the country with no intention to return ?
is your name Adam??
You will be arrested on the spot once you arrive home.
call 1800 ocanada they can answer any questions you have about the gov i have used it a couple of times its really helpfull
Instant = yes, Free = no. Equifax charges about $15 for just the score, and $22 for the report. Get the report, it also has the score and all your other details.
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