Single mom Adelaide has $22,000 in line-of-credit debt — here’s how she learned to dig her way out + MORE May 29th
Now that I am retired and can split my pension income with my wife, there is no more need for the spousal loans. Should we keep the spousal loans going? She pays me the prescribed rate interest annually, and I declare this on my income annually. What is the best strategy to have the spousal loans reimbursed to minimize taxes? The market value of the investments, including non-realized capital gain now exceeds the loan amount?
I have seen advice on setting up a spousal loan for investments, but I can’t find much on the need to reimburse one and how to do so.
How to set up a spousal loan in Canada—and what not to do
Thanks for your question, Ghislain…