The deficits piled up by the current government will have consequences – taxes.

Along will come the schemes and their promoters on tax planning, tax shelters and the like.

They sell these schemes as tax shelters for investors to write off income against their taxes.

There is a crucial difference between tax evasion and tax avoidance. The difference is often clouded by these promoters whose mantra of saving taxes appeals to the greed of the investors.

The Canada Revenue Agency eventually catches up to them. Disallowing all of their deductions and sending out the tax bill that could drive them into bankruptcy.

Tax evasion is illegal. Tax avoidance is not. Try and hide your money…they will find it. Buy something for a tax break…the CRA will disallow it.

The next five years will prove to be crucial for Canadians to consider tax planning as part of a necessary tax avoidance strategy. And for most Canadians their mortgage represents their largest investment.

But mortgages are not tax deductable in Canada…or are they.

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