mikeUrban
New Member
I've got a property (currently my primary residence) that I was thinking of refinancing in order to pay for a new place and then rent out the old place. The goal here is to shift the mortgage burden to the rental property where the tenant is paying it -- making the mortgage interest tax deductible.
However, I've heard different things from different people about whether or not this is actually possible without getting in trouble with the Revenue Agency.
Could someone shed some light on this?
Is there a way to accomplish this in a different way perhaps? Equity/Line of credit instead of refinancing?
Ultimately, I don't want to get myself in trouble and just trying to figure out whether I should rent out the old place or just sell it.
However, I've heard different things from different people about whether or not this is actually possible without getting in trouble with the Revenue Agency.
Could someone shed some light on this?
Is there a way to accomplish this in a different way perhaps? Equity/Line of credit instead of refinancing?
Ultimately, I don't want to get myself in trouble and just trying to figure out whether I should rent out the old place or just sell it.