I am considering taking out a loan to invest through my RRSP/TFSA/RESP. Will the interest on the loan be tax deductible?
Allan Madan, CA
No, although interest on loan borrowed to invest through non-registered accounts are tax deductible (normally up to the amount of investment income), interest on loans borrowed to invest through such registered savings plans are not tax deductible.
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The information provided on this page is intended to provide general information. The information does not take into account your personal situation and is not intended to be used without consultation from accounting and financial professionals. Allan Madan and Madan Chartered Accountant will not be held liable for any problems that arise from the usage of the information provided on this page.
ABOUT THE AUTHOR
ALLAN MADAN
CA.CPA.CGA
Allan Madan is a CPA, CA and the founder of Madan Chartered Accountant Professional Corporation. Allan provides valuable tax planning, accounting and income tax preparation services in the Greater Toronto Area.
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