The key thing here is to speak to your accountant, lawyer and banker. After that, speak to your trusted mortgage professional. If you don't have one, find one (www.caamp.ca).
Then you will be able to make a decision on your own. The advise from bankers and mortgage professionals are typically free. The advice from lawyers and accountants should cost you no more than say 1 hour each of their time. This is not a hard business, but you must first invest in your knowledge before you start investing in real estate.
Trust us--we've been there and done that.