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Lock in family income-splitting loans starting July 1

Lock in family income-splitting loans starting July 1

Taxpayers should act quickly to realize future tax savings once the CRA’s prescribed interest rate for family income-splitting loans falls to 1%

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Taxpayers should act quickly to realize future tax savings once the CRA's prescribed interest rate for family income-splitting loans falls to 1% on July 1, 2020. Because the prescribed interest rate will soon drop to 1%, your family may realize significant long-term tax benefits by entering into income-splitting loan arrangements. Similarly, employees who have entered into qualifying home purchase loans with their employers should consider how the lower prescribed interest rate may reduce their related taxable benefit.

Download this edition of the TaxNewsFlash to learn more.

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