November 15, 2018

CHIP Home Income Plan interest may be tax-deductible

  • Deducting the CHIP Home Income Plan interest can offset the income earned by non-registered investments, providing tax-efficient income.
  • Your CHIP Annual Statement clearly indicates the amount of interest you have been charged and that may be eligible as a tax deduction.
  • This deduction may also ensure that the extra income you earn does not affect Old Age Security and Guaranteed Income Supplement government benefits.
  • Be sure to consult a tax advisor to determine how this approach affects your personal situation.