See the latest CRA update on "Overdue Tax" and "Family Loans"
Key update from CRA (Announced a week ago): In Q3 2024, the overdue tax interest rate will lower to nine percent, while the prescribed rate for family loans will be set at five percent. Stay updated on these adjustments here. https://lnkd.in/gD5bs_CV
Important update from CRA: For Q3 2024, the interest rate on overdue tax is set to decrease to nine per cent, and the prescribed rate for family loans will be five per cent. Stay informed on these changes here.
Important update from CRA: For Q3 2024, the interest rate on overdue tax is set to decrease to nine per cent, and the prescribed rate for family loans will be five per cent. Stay informed on these changes here.
Important update from CRA: For Q3 2024, the interest rate on overdue tax is set to decrease to nine per cent, and the prescribed rate for family loans will be five per cent. Stay informed on these changes here.
The prescribed rates for the third quarter have decreased slightly. If you have overdue taxes, CRA will now charge you 9% instead of 10%. If you are considering a prescribed rate loan to a spouse or family trust, the rate is now 5% for any new loans. If you already have a prescribed rate loan, it remains at the rate in effect when the loan was created. Prescribed rate loans have historically been used to allow for lower income spouses to build an investment portfolio, or to provide funds for a family trust. Both of these options allow for different ways to shift income to family members in lower tax brackets. Although the rates are still not what they used to be, these loans may be worth considering if the rates continue to decline. We are always happy to discuss the application to your situation specifically. #prescribedrates #taxdeadline #taxplanning #accountingfirm #accountingtips
Alert: CRA Dials Up Prescribed Interest Rates! ⚠️ Brace for Impact on Loans and Interest Charges. 📉💸 Navigate the Changes with Caution! #CRA #InterestRates #FinancialAlert" https://lnkd.in/gUz-FnYc
The prescribed rate on loans to family members will be 5% in the fourth quarter of 2024, and the interest rate Canadians must pay on overdue tax will be 9%. Those rates remain unchanged from the third quarter.
It’s official: the prescribed rate on loans to family members will be 6% in the first quarter of 2024, and the interest rate Canadians must pay on overdue tax will be 10%. That’s up from 5% and 9%, respectively, in the current quarter.
The prescribed rate on loans to family members will be 5% in the third quarter of 2024, and the interest rate Canadians must pay on overdue tax will be 9%. That’s down from the 6% and 10%, respectively, through the first two quarters of this year.
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Maximising tax deductions on loan interest for investment properties Interest is charged on mortgage loans, while basic taxes are not paid. These tax breaks are a key reason why property can be an attractive investment. Tips to maximise tax deductions: - It is important to only find the interest portion that is directly tied to the investment property. - Interest earned on loans for maintenance, the purchase of depreciating property for the property, or maintenance and/or repairs are also deductible. - Do not mix savings and personal loans in the same credit account. - To maximise tax benefits, it is best to pay off your home loan before you have a property to buy. - If the property is jointly owned, the interest expense must be allocated on the basis of the legal partnership of ownership. By partnering with Success avenue property consulting, one can increase their chances of success in the real estate market and achieve their long term investment goals. Follow us for more #propertyupdates, #investmenttips, #market data, and more! Contact us @ 02-81230180, info@successavenue.com.au | www.successavenue.com.au #successavenue #taxdeductions #InvestmentProperty #LoanSolutions
The prescribed rate on loans to family members will be 6% in the second quarter of 2024, and the interest rate Canadians must pay on overdue tax will be 10%. That’s identical to the rates set in the current quarter but up from 5% and 9%, respectively, from the fourth quarter of last year.
