Henry Korenblum, tax specialist at Crowe Soberman LLP in Toronto, discuss the value of locking in spousal/family loans before the interest rate on these loans doubles on Oct. 1st, 2013. Korenblum spoke at the TMX Broadcast Centre in Toronto.
The Canada Revenue Agency is raising its “prescribed interest rates” for the first time since the fall of 2003. The rate used to calculate low-interest spousal loans will rise to 4% from 3% in the next quarter, starting on April 1.Spousal loans –- a common income-splitting technique –- can provide significant tax savings. While arranging […]