- 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.
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“Our Mom was in need of in-home health care which would have cost my brother and I $30,000 per year. She did not want to move nor go into a nursing home and wanted to spend the rest of her life in the family home. CHIP was a perfect solution … [Read More...]