The income tax act is not a document that tells you what you CAN do. It’s legislation and legislation is generally about what you can’t do. One tax strategy is loaning money to your spouse and having them charge you interest. Sounds simple. Fair warning here. When it comes to structuring your tax strategy, it’s always prudent advice to consult your professional advisors. Your tax accountant or tax lawyer and your investment advisor. To help us with the discussion on this tax strategy is David Barnsdale. David is a Certified Financial Planner with The Barnsdale & Hussain Wealth Management Group. He has extensive experience working with Family businesses to help them maximize the wealth generated from the family business and shelter those hard earned dollars from the nasty taxman.
David Barnsdale – Loning Your Spouse Money – A Great Tax Strategy
The income tax act is not a document that tells you what you CAN do. It’s legislation and legislation is generally about what you can’t do. One tax strategy is loaning money to your spouse and having them charge you interest. Sounds simple. Fair warning here. When it comes to structuring your tax strategy, it’s always prudent advice to consult your professional advisors. Your tax accountant or tax lawyer and your investment advisor. To help us with the discussion on this tax strategy is David Barnsdale. David is a Certified Financial Planner with The Barnsdale & Hussain Wealth Management Group. He has extensive experience working with Family businesses to help them maximize the wealth generated from the family business and shelter those hard earned dollars from the nasty taxman.
Posted by Mississauga Board of Trade – MBOT on Thursday, June 4, 2020
