TAXATION - CANADA ONTARIO

Client would like to know how much interest they could write off on their 2024 tax return and what their down payment would need to be if they purchased a rental property for $1,500,000.00 on Jan 1st 2024 using a 1st 2nd 3rd Mortgage. (Your client was told they could get a 3rd mortgage at 17%)

Two questions: What is the down-payment required and how much is the estimated total interest portion to be claimed on the future tax return?