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Bullboard - Stock Discussion Forum FormerXBC Inc XEBEQ

Xebec Adsorption Inc designs, engineers, and manufactures products that are used for purification, separation, dehydration, and filtration equipment for gases and compressed air. The company operates in three reportable segments: Systems, Corporate and other, and Support. Its product lines are natural gas dryers for natural gas refueling stations, compressed gas filtration, biogas purification,... see more

GREY:XEBEQ - Post Discussion

FormerXBC Inc > Here's some good free advice
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Post by tamaracktop on Sep 26, 2022 7:55am

Here's some good free advice

If you have a mortgage and you have a stock portfolio you're doing things bass-ackwards.

Sell your portfolio, pay off (or down) your mortgage, and then borrow against your house to buy your
portfolio back and your mortgage interest suddenly becomes tax deductible.

Mortgage interest isn't tax-deductible.

Interest on monies borrowed to buy stock is a tax-deductible carrying charge.

As always, consult with your advisor(s) first.
Comment by Takis on Sep 26, 2022 10:33am
I looked into this and thought interest was tax deductible only when using a HELOC to buy dividend paying securities. Have I been misinformed?
Comment by tamaracktop on Sep 26, 2022 10:58am
Absolutely you were. The law is intentionally vague enough to include virtually all Canadian companies. You can deduct interest for any company so long as there is a "reasonable possibility that the company may pay dividends at some point in the future". The courts have established precedents that have established that this caveat applies to every Canadian company. Believe it or not!
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