chiulan

Canada tax act is one of the most complex country in the world.

Do you know that you may claim your interest percentage by yourself if you have a join account with your spouse?
You may choose 100%, 0% for you and your spouse. you may choose 50%, 50 % if it is benefits to your income tax. The rule is that you have to follow the rule for the following year.

For example, yuo are new immirgrants the first year. You bring some money, but settle your family. Your interest income does not afftect your income tax. If you have a $50,000 per year job next year then it will make a big difference.  The interest income under your portion will be the same tax rate as your income.  You must follow the interst portion you did.
Do you know that in certain circumstance, you may deduct your morgage for your incoem tax.