Hi Guys,
My understanding is that borrowing costs can be deducted over 5 years or the life of the loan (whichever is shorter).
I know this includes mortgage insurance however had a few bank fees at settlement I wanted to query:
* Land Titles Fee ~$1100
* Settlement Fee $200
* Bank Cheque Fee $70
Can you confirm that these are deductable under borrowing costs over 5 years.
Cheers.
Borrowing Costs?
My understanding is that borrowing costs can be deducted over 5 years or the life of the loan (whichever is shorter).
I know this includes mortgage insurance however had a few bank fees at settlement I wanted to query:
* Land Titles Fee ~$1100
* Settlement Fee $200
* Bank Cheque Fee $70
Can you confirm that these are deductable under borrowing costs over 5 years.
Cheers.
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