Loans and lines of credit
Find the borrowing solution that makes sense for you
Meridian green home and green auto loans are great ways to make environmentally conscious home improvements or transition to an electric or hybrid vehicle. With each loan, we’ll recognize your commitment by planting a tree on your behalf through Tree Canada.
Tax benefits of borrowing
Did you know, there can be tax advantages to borrowing for investment purposes? For example, if you borrow to invest in income producing investments, like dividend paying stocks or rental property, you can write off the interest as an expense. As an example, if you paid $6,000 in interest payments for the year, and you have a marginal tax rate of 40%, you could get back $2,400 of it.
It’s worth noting that if you get a loan to invest in a tax-sheltered account, like an RRSP, TFSA, and/or an RESP, then the interest is not tax deductible. Consider your options but be sure to talk to your accountant or tax advisor before making any decisions.
What is creditor insurance?
Creditor insurance helps make sure that your mortgage or loan payments are made (according to the conditions of the insurance agreement) in case of loss, illness, or disability. Taking on a loan or line of credit is a big financial commitment, so this insurance protects you and your loved ones. Meridian offers creditor insurance for loans and lines of credit just in case the unexpected happens.