Rate dropped one percentage point in third quarter, which began on July 1
A late payment will thwart the income-splitting opportunity associated with the strategy
The prescribed rate is set to rise in Q1 2024
Rate to rise for the fourth consecutive quarter
The increase represents the fourth consecutive quarter that the rate has climbed
Clients who miss interest payment deadline risk losing an income-splitting opportunity
Beginning next month, the minimum rate that can be charged on such a loan will double
Now is the time to lock in 1% prescribed rate on family loans, achieve income splitting opportunity
Despite inflation, the prescribed rate on loans to family members remains set at 1%
The prescribed rate dropped to 1% from 2% in July, sparking "enormous interest" in refinancing