How to Claim Mortgage Interest on Your Tax Return
Mark Virgil Lofranco • 21 September 2024
You may be wondering if you can claim a credit for mortgage payments—or at least the interest paid on your mortgage—on your income tax return. Unfortunately, the Canada Revenue Agency (CRA) typically treats mortgage payments as a personal expense, which means they don’t normally qualify for tax credits. However, in certain situations, like running a home-based business or claiming home employment expenses, you may be able to deduct a portion of your mortgage interest.
Here’s a breakdown of how mortgage interest can be tax-deductible and what other home-related expenses you might be able to claim.
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