{"id":1581,"date":"2021-07-15T09:30:27","date_gmt":"2021-07-15T13:30:27","guid":{"rendered":"https:\/\/fortax.ca\/?p=1581"},"modified":"2022-10-18T21:19:05","modified_gmt":"2022-10-18T21:19:05","slug":"track-your-debts-separately-to-simplify-tax-deductions","status":"publish","type":"post","link":"https:\/\/evolvethought.com\/fortax\/2021\/07\/15\/track-your-debts-separately-to-simplify-tax-deductions\/","title":{"rendered":"Track your Debts Separately to Simplify Tax Deductions"},"content":{"rendered":"<style>\n.page-title-inner {display: none;}<br \/>\n.entry-header-text-top {display: none;}<br \/>\ndiv#comments {display: none;}<br \/>\n.entry-author {display:none;}<br \/>\nfooter.entry-meta {display: none;}<br \/>\n.subul {margin:0;list-style:revert;}<br \/>\n<\/style>\n<h2>Track your Debts Separately to Simplify Tax Deductions<\/h2>\n<p>Imagine a banking service that can streamline your banking while making your mortgage work harder at creating wealth for you. This innovative, \u2018all-in-one\u2019 account turns your income into a powerful debt-reduction strategy while the accompanying low-interest, Home Equity Line of Credit (HELOC) conveniently covers all your expenses. Welcome to Manulife ONE.<\/p>\n<p>Manulife One allows you to create up to five sub-accounts with fixed or variable rates and an open or closed term. Your FORTAX Financial Advisor can help you work this into your financial planning for maximum effectiveness.<\/p>\n<p>For example, create a fixed-rate sub-account and lock in a portion of your mortgage. This is valuable if you think the interest rates are going up.<\/p>\n<p>You can separate debts into different accounts. Choose to pay only the interest on one sub-account and have another that pays the interest plus principal. It\u2019s all up to you.<\/p>\n<p>If you have loaned money to a family member, track the repayment of that debt. Or keep a separate account to borrow for investing, where the interest is tracked for your tax deduction.<\/p>\n<p>You can also adjust your payment schedule to accommodate changes in your finances, such as paying only the interest during a period of unemployment.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Track your Debts Separately to Simplify Tax Deductions Imagine a banking service that can streamline your banking while making your mortgage work harder at creating wealth for you. This innovative, \u2018all-in-one\u2019 account turns your income into a powerful debt-reduction strategy while the accompanying low-interest, Home Equity Line of Credit (HELOC) conveniently covers all your expenses&#8230;.<\/p>\n","protected":false},"author":1,"featured_media":1583,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mi_skip_tracking":false,"footnotes":""},"categories":[72],"tags":[],"class_list":["post-1581","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-fortax-blog"],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/evolvethought.com\/fortax\/wp-json\/wp\/v2\/posts\/1581","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/evolvethought.com\/fortax\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/evolvethought.com\/fortax\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/evolvethought.com\/fortax\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/evolvethought.com\/fortax\/wp-json\/wp\/v2\/comments?post=1581"}],"version-history":[{"count":1,"href":"https:\/\/evolvethought.com\/fortax\/wp-json\/wp\/v2\/posts\/1581\/revisions"}],"predecessor-version":[{"id":14694,"href":"https:\/\/evolvethought.com\/fortax\/wp-json\/wp\/v2\/posts\/1581\/revisions\/14694"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/evolvethought.com\/fortax\/wp-json\/wp\/v2\/media\/1583"}],"wp:attachment":[{"href":"https:\/\/evolvethought.com\/fortax\/wp-json\/wp\/v2\/media?parent=1581"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/evolvethought.com\/fortax\/wp-json\/wp\/v2\/categories?post=1581"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/evolvethought.com\/fortax\/wp-json\/wp\/v2\/tags?post=1581"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}