Mortgagenomics Canada

Is there such a thing as tax deductible mortgages?If you are a resident of the United States, the answer to this question is - yes.  For decades Americans have been able to apply the interest portion of their mortgage as a tax deduction against their personal income.  Regardless of whether it was an investment property or a principal residence - the interest was an eligible tax deduction.How about Canada, can we deduct the interest portion of our mortgage payments?Absolutely, but only if the mortgaged property is generating an income.  Here are some examples:Among other home expenses such as utilities and internet services, if you run a small business from your home a portion of your mortgage interest is eligible for a tax deduction against your personal incomeIf your principle residence includes a self-contained rental suite, a portion of your mortgage interest is eligible for a tax deductionIf you own a separate property that exclusively generates an income from short or long term rent/leases