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From: paydaybestbest

Principal Payments Are Not a Deduction

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http://www.painlessfinancialtraininggroup.ca/

The payments you make on a loan are not a deduction. The only part of the payment you can deduct is the amount of the interest. For example - if you are claiming vehicle expenses, only include the interest portion of your car loan payment in the calculation. If you claim home expenses you can deduct the mortgage interest you pay, not the entire payment.

You should ask your bank for the statement which shows how much interest you pay on each loan...

From: Debi Peverill

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