Is the CMHC premium a tax deduction on investment properties?
http://www.cra-arc.gc.ca/E/pub/tg/t4036/t4036-07e.pdf
You can deduct certain fees you have when you get a mortgage or loan to buy or improve your rental property.
If the loans relate to the construction or renovation period, first read about soft costs on page 9.
Loan fees include:
¡ mortgage applications, appraisals, processing, and insurance fees
¡ mortgage guarantee fees
¡ mortgage brokerage and finders fees
¡ legal fees related to mortgage financing
You deduct these fees over a period of five years.
Deduct 20% in the current tax year and 20% in each of the following four years.
However, if you repay the mortgage or loan before the end of the five-year period, you can deduct the remaining financing fees at that time.
The number of years for which you can deduct these fees is not related to the term of your mortgage.
If you have standby charges, guarantee fees, service fees, or any other similar fees, you may be able to deduct them in full for the year you incur them.
To do so, they have torelate only to that tax year.
You can choose to treat finance fees you paid and the interest on money you borrowed to acquire depreciable property as capital expenses."
