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%
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.
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