如果借钱投资，税务规则还能改变成本呢？
Two people both borrow at 6%. Are they really paying the same cost of capital?
Wallace Wang · Updated 2026-09-14
This chapter is an outline for now. The book is written in public: the full text, stories and cases will be added to this page, at this same address.
One of the book's turning points. Before any tax law, the reader meets two borrowers paying the same 6% rate. A bears the full 6%. For B, the use of the funds and B's own tax situation meet the relevant rules, so the interest deduction changes B's after-tax borrowing cost. Are they really paying the same price for capital?
A smart leveraged investor watches the after-tax cost of capital, not just the interest rate.
Whether interest is deductible depends on how borrowed money is used and on individual circumstances; that determination belongs with an accountant.
这是整本书一个非常重要的高潮。
开始解释加拿大环境下，在满足相关条件时的 Investment Loan + Interest Deductibility（利息抵税）。
但不一开始讲税法，先问读者：假设两个人都以 6% 的利率借钱。
他们真的在支付相同的资本成本吗？
聪明的杠杆投资者关注的不是利率，而是 After-Tax Cost of Capital（税后资本成本）。
Borrowing to invest involves risk, including the risk that the value of your investment falls while the loan remains payable in full. This page describes how these arrangements work in general and is not a recommendation to borrow or an offer of credit. Suitability depends on individual circumstances. This page summarises publicly available Canada Revenue Agency material and general mechanics. It is not tax advice, and deductibility depends on individual circumstances and current legislation. Wallace Wang Financial Services does not prepare tax returns or provide tax opinions.