Is mortgage interest on a mortgage deductible? Many individuals who live in Ontario want to know if interest on a mortgage is deductible on the annual federal and Ontario individual income tax return filed with Canada Revenue Agency. As of the date of writing, interest on mortgages is only deductible in SOME circumstances. It depends on how you are using the funds received from the mortgage. The law in Ontario is constantly changing. In addition, litigation in court cases throughout Canada can and does change the interpretation of the law with respect to mortgage deductibility. It is not always easy to determine whether interest on mortgages can be deducted. If you are an American citizen, you will also need to take into account American federal law and possibly state law. If you are...
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