By Timothy J Cestnick
Read or Download 101 Tax Secrets For Canadians 2010: Smart Strategies That Can Save You Thousands, 2nd Revised and Updated Edition PDF
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Extra info for 101 Tax Secrets For Canadians 2010: Smart Strategies That Can Save You Thousands, 2nd Revised and Updated Edition
Giving that family member the cash problem? Quite simply, the to make those interest payments will make it much attribution rules. These rules easier for that lower-income family member to borrow will cause any income earned for investing. The result? Investment income is taxed at on the borrowed funds to be a lower marginal tax rate in the hands of your family taxed in the hands of the member. Be careful that you do not provide collateral, person guaranteeing or effec- guarantee the loan, or make principal repayments— tively making payments on otherwise you’ll wind up with the tax bill, not your the loan.
The transaction must also be abusive. Lord Tomlin would be pleased. C. v. ” The bottom line is this: If you are going to engage in any type of aggressive tax planning, be sure to work with a tax professional to structure your affairs so that you avoid meeting the three tests I’ve talked about here. TO MAKE A LONG STORY SHORT: • Two landmark decisions by the Supreme Court of Canada have clariﬁed the criteria that CRA must follow if it hopes to prevent a tax strategy under the General Anti-Avoidance Rule (GAAR).
One last thing: sory note signed by the borrower You’re required to set the rate on the loan permanently should do the trick. The at the time the loan is set up—which can be great news if promissory note should detail interest rates happen to be low at that time. the date and amount of the loan; the interest rate charged b. Lend money, then take repayment. (if any); the method for calcu- This idea works well if you’d rather not charge interest lating interest (compounded on money lent to family members.