What is a prescribed rate loan? How can it cut my tax bill? Kevin and Clinton cover the details in this Financial 15.
Clinton and Kevin are with Becker Orr Wealth Management and are both Portfolio Managers with Canaccord Genuity Wealth Management. Combined they have over 40 years of experience. In this episode they tackle:
0:00 Intro
1:00 What is a prescribed rate loan?
1:47 Must be Canadian residents
2:03 Investment accounts
3:03 Example
4:06 Written agreement
4:36 Charge interest
5:12 Pay interest by January 30
5:54 Attribution rules
6:27 Lender claim interest, borrower deduct interest
6:50 No limit on amount borrowed or time frame
7:44 Example
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Save Tax with a Prescribed Rate Loan - Financial 15
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