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Canadian Specific
Sorry to bother you but am curious. Can't a wife give her
husband give money as a gift to invest in his name? Why does she
have to loan hin the money and charge him interest?
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david ingram replies:
If she just gives him the money in Canada, any interest,
dividends, capital gains, business profits or rents are still
taxable to her under Section 74.1 of the Canadian Income Tax Act.
The original question and answer follows:
[email protected] wrote:
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?
==========================================================
david ingram replies:
1. no losses are transferable to a spouse.
2. Yes. Your spouse will deduct the interest 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 at 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 the internet at
www.600AM.com--------------------------------------------
This from "ask an income tax and immigration expert" from
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