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Home office deduction with a line of credit mortgage (e.g. Manulife One)? [Canada]

I've been looking at mortgage products such as Manulife One - which work like a line of credit based on the equity in your home. The monthly payment is the interest on the amount left owing every ...
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What are your thoughts (pros & cons) on all-in-one accounts, like Manulife One?

I think it looks very interesting, and certainly promises to deliver. My main concern is, as a single person, is it wise to put all of my eggs into one basket?
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