what are the differences between canadian mortgages and US mortgages?
i know that one difference has to do with taxes being deductible in one and not in the other? can someone plz explain that? thx.
Tags: Between, canadian, Differences, Mortgagesi know that one difference has to do with taxes being deductible in one and not in the other? can someone plz explain that? thx.
Tags: Between, canadian, Differences, Mortgages
In the US the interest portion of the mortgage payment on your prinicipal residence is a tax deductible expense, but you may have to pay capital gains tax upon the sale of your home.
In Canada you can’t deduct mortgage interest (some expections), but you don’t pay capital gains on the sale of your principal residence.