No |
Leave blank and go to label G |
Yes |
Calculate your deductible borrowing expenses and write the amount in the boxes provided. Do not show cents. |
What you need to know
These expenses are those directly incurred in taking out a loan for the property. They include establishment fees, stamp duty charged on registration of a mortgage, title search fees and costs for preparing and filing mortgage documents. They also include other costs that the lender requires you to incur as a condition of them lending you the money for the property, such as the costs of obtaining a valuation or lenders mortgage insurance.
If your total for these items is greater than $100, apportion the cost over five years or the term of the loan, whichever is shorter.
If your total is $100 or less, deduct the entire amount in the year you incur the cost.
If you obtained the loan part-way through the year, apportion the deduction for the first year according to the number of days you had the loan.