TAX QUESTIONS? YOU ASK LAH!

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Q: I currently own only a commercial property. Am I still eligible for the personal deduction on interest expended for the purchase of my first residential property, which will take effect from YA2025?

A: Yes, you still be eligible for the personal deduction on interest expended for purchasing a residential property, provided the property being purchased is your first residential property to be occupied as your place of residence.

Wishing you plentiful tax savings!

Zen Chow

YYC Tax Guru

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