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65. Unlocking Tax Savings: The Spousal Loan Strategy for Canadian Couples
In this episode, we explore a clever tax strategy that can help Canadian couples potentially lower their overall tax bill: the spousal loan strategy.
Ever wondered how to legally shift taxable investment income from a higher-income spouse to a lower-income spouse? Tune in as we demystify the ins and outs of using a prescribed-rate loan to optimize your family’s tax situation.
🎧 Listen to this episode to discover:
✅ How the spousal loan strategy works and why gifting money isn’t as tax-friendly as you might think
✅ Step-by-step process on setting up an enforceable loan agreement and meeting annual interest payment deadlines
✅ Key considerations and potential pitfalls—from legal fees and ongoing documentation to market fluctuations and changes in prescribed interest rates
✅ Example showing the numbers behind potential tax savings
We’ll also discuss scenarios where this strategy may not be a perfect fit, such as when your portfolio already focuses on deferred capital gains or when the paperwork and legal costs outweigh the potential benefits.
Wall Street Vision Podcast:
https://WallStreetVision.com
Disclaimer: This podcast is not associated with any financial institution. The views and opinions expressed by the host and podcast guests are their own and do not reflect the opinions of any financial institution. The content provided in this post and/or podcast is for informational purposes only and should not be considered financial advice.
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By Vlad Dolgocheev, CFA, CFP
5
44 ratings
In this episode, we explore a clever tax strategy that can help Canadian couples potentially lower their overall tax bill: the spousal loan strategy.
Ever wondered how to legally shift taxable investment income from a higher-income spouse to a lower-income spouse? Tune in as we demystify the ins and outs of using a prescribed-rate loan to optimize your family’s tax situation.
🎧 Listen to this episode to discover:
✅ How the spousal loan strategy works and why gifting money isn’t as tax-friendly as you might think
✅ Step-by-step process on setting up an enforceable loan agreement and meeting annual interest payment deadlines
✅ Key considerations and potential pitfalls—from legal fees and ongoing documentation to market fluctuations and changes in prescribed interest rates
✅ Example showing the numbers behind potential tax savings
We’ll also discuss scenarios where this strategy may not be a perfect fit, such as when your portfolio already focuses on deferred capital gains or when the paperwork and legal costs outweigh the potential benefits.
Wall Street Vision Podcast:
https://WallStreetVision.com
Disclaimer: This podcast is not associated with any financial institution. The views and opinions expressed by the host and podcast guests are their own and do not reflect the opinions of any financial institution. The content provided in this post and/or podcast is for informational purposes only and should not be considered financial advice.