James 02 Posted April 13, 2023 Report Share Posted April 13, 2023 Hi all! I have searched quite a bit and cannot find any commentary - if I lent out money as a private mortgage and receive monthly mortgage interest payments - should this income be recorded under Interest Income (line 12100) even though no "T" slips issued or use form T2125 as Professional Income? Any comments would be greatly appreciated. Thank you! Quote Link to comment Share on other sites More sharing options...
Geo123 Posted April 14, 2023 Report Share Posted April 14, 2023 Hello James 02, In UFIle go to Interview >> Investment and interest income and expenses >> Income not from a T-Slip Interest income not on information slips "+" *Mortgage interest Interest income from the issuer of the mortgage: [ ] [ ] OR Interest from other sources [ ] [ ] Quote Link to comment Share on other sites More sharing options...
TrevorBoyer Posted June 12, 2023 Report Share Posted June 12, 2023 Hey there. If you lent out money as a private mortgage and get paid interest every month, you might want to talk to a tax professional to figure out whether it should be considered Interest Income or Professional Income. But if you lend money on a regular basis, it's likely to be considered professional income. Also, have you checked out Vanguard Mortgage? They're a mortgage agency that can help you with the lending process and make sure your investments are secure. Their website is https://vanguard-mortgage.com/. Anyway, just a suggestion. Let's keep the thread updated, guys. Quote Link to comment Share on other sites More sharing options...
BrysonFernandez Posted October 23, 2023 Report Share Posted October 23, 2023 Best of luck with your tax and financial planning! Quote Link to comment Share on other sites More sharing options...
MatthewChris Posted January 29 Report Share Posted January 29 If you're raking in that sweet private mortgage interest, where does it belong on the tax forms? Line 12100 or the mysterious T2125? Any seasoned experts in the house? And hey, have you considered reaching out to Mortgage Advice Lincoln for some savvy advice? They might untangle the tax-time mysteries! Quote Link to comment Share on other sites More sharing options...
Geo123 Posted January 30 Report Share Posted January 30 Hello MatthewChris, For Mortgage Interest (received) see below. You should also confirm with the CRA that this is not a business ie T2125 In Interview Setup >> Section [Investment income and expenses] >> Investment and interest income and expenses >>Interest income not on information slips "+" *Mortgage interest Interest income from the issuer of the mortgage: [MyMortgage] [$amount] On T1 : >>Interest and other investment income (use Federal Worksheet) Line 12100 >>Worksheet - Investment - Line 12100 *II - Interest, other investment income, and income from foreign sources Quote Link to comment Share on other sites More sharing options...
laloz Posted February 8 Report Share Posted February 8 Generally, if you're receiving monthly interest payments, it's likely considered interest income and should be reported accordingly, even if you're not issued a T slip. However, it's always a good idea to consult with a tax professional or accountant to ensure you're filing correctly. As for financial advice, consider reaching out to a Mortgage Broker Bradford—they can offer guidance on various financial matters, including tax implications. Quote Link to comment Share on other sites More sharing options...
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