Many satisfied clients pay us a fee for arranging their mortgage. This fee is often a considerable cost item. This financial blow is softened by allowing these costs to be deducted from your taxable income if the mortgage relates to the “own home”.
Sometimes we are approached for a second opinion on mortgage advice given by another advisor. However, the costs of a second opinion are not deductible. Neither are costs for an advisor related to a mortgage that has not been executed. That’s good to know!