LIVE · JUNE 5, 2026 · 7:00 PM EDT

The Smith Manoeuvre —
Turn Your Mortgage Into a Tax Deduction

A free 60-minute live workshop on the CRA-approved strategy that converts non-deductible Canadian mortgage interest into a tax deduction — while simultaneously building a growing investment portfolio.

✓ 100% legal — CRA approved
✓ Live Q&A with Leo
✓ Real Barrie case study
✓ Free to attend
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The Strategy

How the Smith Manoeuvre Works

The Smith Manoeuvre was developed by the late Fraser Smith, a Victoria-based financial planner. It exploits a quirk in the Canadian Income Tax Act: investment loan interest is tax-deductible. Mortgage interest is not. The strategy converts one into the other.

1
Start with a Re-advanceable Mortgage
You need a mortgage with an attached HELOC that automatically re-advances as you pay down principal — like a Manulife One or National Bank All-In-One. Every mortgage payment creates new borrowing room.
2
Re-borrow the Principal You Just Paid
Each month, you draw the exact amount of principal you paid back from the HELOC. This keeps your mortgage balance steady while creating a separate, growing investment loan.
3
Invest Every Dollar Immediately
The re-borrowed funds go immediately into a non-registered investment account — typically dividend-paying ETFs or index funds. This is the critical step: you must invest, not spend.
4
Deduct the HELOC Interest at Tax Time
Because the HELOC is used for investment purposes, its interest is deductible under ITA Section 20(1)(c). Your investment loan interest becomes a tax deduction — generating annual refunds.
5
Reinvest Tax Refunds — Accelerate the Cycle
Apply your annual tax refunds back to the mortgage, creating more HELOC room to invest, generating more deductions. This compounding effect is what makes the strategy so powerful over time.

Real Numbers — Barrie Homeowner, Year 10

Starting mortgage balance$600,000
HELOC investment portfolio (after 10 yrs)$127,400
Annual tax refunds received (avg)$3,840
Total refunds reinvested over 10 years$38,400
Investment portfolio value (7% avg return)$141,600
Net gain (vs. no Smith Manoeuvre)+$179,200

Illustrative example based on $600K mortgage at 5.49%, 40% marginal tax rate, 7% investment return. Actual results vary.

"I'd heard of the Smith Manoeuvre but assumed it was only for high earners. Leo showed me it works for us too — and the CRA deduction more than covers the HELOC interest cost."
— Robert & Diane K., Barrie
"We started 3 years ago. Last year's tax refund was $4,200. We applied it straight to the mortgage and borrowed it back to invest. The flywheel is real."
— Priya M., Innisfil
LF
Leo Falkovsky, AMP
FSRA Licensed Mortgage Broker · Smith Manoeuvre Trained · Barrie, ON

Leo is one of Simcoe County's few brokers formally trained in Smith Manoeuvre implementation. He works with a network of Smith Manoeuvre-aware financial advisors and accountants to execute the strategy correctly — not just describe it.

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Friday, June 5, 2026 · 7:00 PM EDT · Zoom

📅 Friday, June 5, 2026
🕖 7:00 – 8:00 PM EDT
💻 Live on Zoom (link sent after registering)
🎓 Recording available to all registrants

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