Canada: Payments of interest on family income-splitting loans due 30 January 2023

Individuals with any family income-splitting loans need to determine that the 2022 interest amounts

Payments of interest due 30 January 2023

Payments of interest on family income-splitting loans for 2022 are due 30 January 2023.

Individuals with any family income-splitting loans need to determine that the 2022 interest amounts on these loans is paid to lenders by 30 January 2023 to avoid having the attribution rules apply to investment income earned on the borrowed funds.

Read a December 2022 report prepared by the KPMG member firm in Canada

 

The KPMG name and logo are trademarks used under license by the independent member firms of the KPMG global organization. KPMG International Limited is a private English company limited by guarantee and does not provide services to clients. No member firm has any authority to obligate or bind KPMG International or any other member firm vis-à-vis third parties, nor does KPMG International have any such authority to obligate or bind any member firm. The information contained herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavor to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act on such information without appropriate professional advice after a thorough examination of the particular situation. For more information, contact KPMG's Federal Tax Legislative and Regulatory Services Group at: + 1 202 533 3712, 1801 K Street NW, Washington, DC 20006.