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June 26, 2020 · Tax Planning

The government’s prescribed interest rate for spousal loans will drop to 1% on July 1. For individuals that have existing spousal loans at a higher rate, they could benefit from this drop in the interest rate. However, in order to benefit from this lower rate the existing loan would have to be paid off and then a new loan would have to be established. Individuals may want to contact their advisors to determine whether it makes sense to pay off the existing loan and enter a new loan. Consultation should be given to potential tax consequences.

Clients of E.E.S., please contact your consultant for further discussion.

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