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  • F Did you have any borrowing expenses?

    Attention

    Warning:

    This information may not apply to the current year. Check the content carefully to ensure it is applicable to your circumstances.

    End of attention

    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.

    Last modified: 20 Oct 2015QC 27495