Canada, negative cashflow rental property to reduce income taxes?

[Damikaz Tormen]

Hi everyone,

I am currently living in Canada and I'm in a position where I am getting eaten completely from taxes on my salary income. I'm maxing my RRSP, TFSA & FHSA but taxes are still eating way too much...

As such, I've been looking at ideas to try to reduce my taxes and I thought it might be worth it to get started with a negative cashflow rental property (1 door) to deduct the interests on the mortgage, services, etc. My goal with this would really be to  reduce my taxes while investing in a vehicle that can take value over time. I think this could also give me some exposure to the market.

While there are no positive cashflow single-family home around me, there seems to be quite a few where the annual cost forecast isn't too far from breaking even, although still negative.

I was wondering if anyone here might have any insights on this approach and if it's advisable?

Thank you