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Canadian-specific questions:
1. Is a non-capital loss transferrable to a spouse?
2. If I loan money to my spouse at the current or CCRA prescribed interest rate for a dividend-paying investment, can my spouse then deduct the interest paid on the loan on his income tax?
3. In calculating adjusted cost base for a stock, is the interest paid on a loan to buy the stock added in as an expense even though it has been deducted from income previously?
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david ingram replies:
1. no losses are transferable to a spouse.
2. Yes. Your spouse will deduct the interst paid to you and report the dividends or interest and capital gains received. You will report the interest he pays you for the loan.
3. No. The interest only gets deducted once.
Answers to this and other similar questions can be obtained free on Air every Sunday morning a 9:00 AM on 600 AM in Vancouver, Fred Snyder of Cartier Partners and I will be hosting an INFOMERCIAL but LIVE talk show called "ITS YOUR MONEY"
Those outside of the Lower Mainland will be able to listen to the show on teh internet at
www.600AM.com
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