Jul 28, 2022
If you've ever lent money to your spouse or to one of your corporations in order to take advantage of a reduced tax rate, this is called a prescribed rate loan.
As you may know the government mandates that a minimum amount of interest be charged on these loans.
In these situations the lower the interest rate the more advantageous the tax savings are.
Currently, the prescribed interest rate is set at 1%, but is increasing to 2% on July 1, 2022.
If a loan arrangement is established before July 1, 2022, the lower 1% prescribed interest rate will apply as long as the loan is active.
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