For nearly four decades, Canadians have turned to an investment strategy of writing off the interest from mortgage payments as tax-deductible. Known as the Smith Manoeuvre—after its creator, financial planner Fraser Smith—the strategy involves getting a readvanceable mortgage, which includes a line of credit. After paying the mortgage every month, a homeowner then borrows the exact same amount of money under the line of credit, invests it, and reaps a refund after filing their income taxes. The Smith Manoeuvre effectively […]