Rental Income - Interest Paid on Monies Borrowed

[Laura]

I understand that Interest Paid on Monies borrowed to purchase a rental property is a deductable expense when calculating tax liability. I am wondering if anyone can clarify if this "Deductable Expense" is for the lifetime of the mortgage or if it ceases to be a deductable expense after seven years ?

 

[Ham Slicer]

If the property continues to be rented the loan interest is deductible for life.

Make sure you are signed up to PRTB in this regard.

 

[Laura]

Txs for clearing that up HamSlicer... Am a registered tenancy all right with the PRTB. Somewhere I got the notion that this "deductible expense" expired after a certain period.