Can I charge any interest rate for a spousal loan?
Allan Madan, CA
To avoid attribution rules, you should ensure the interest rate is greater than or equal to the prescribed interest rate set by the Canada Revenue Agency (CRA). The CRA adjusts the prescribed interest rate each quarter; you can find the appropriate interest rate here.
Disclaimer
The information provided on this page is intended to provide general information. The information does not take into account your personal situation and is not intended to be used without consultation from accounting and financial professionals. Allan Madan and Madan Chartered Accountant will not be held liable for any problems that arise from the usage of the information provided on this page.
ABOUT THE AUTHOR
ALLAN MADAN
CA.CPA.CGA
Allan Madan is a CPA, CA and the founder of Madan Chartered Accountant Professional Corporation. Allan provides valuable tax planning, accounting and income tax preparation services in the Greater Toronto Area.
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