2007-03-05 08:43:07 · 6 answers · asked by Stumped 1 in Business & Finance ➔ Taxes ➔ Canada
Yes and no.
You can't loan money to a spouse and have an immediate tax benefit.
However, you can lend money to a spouse for investment purposes. The investment income earned on the initial investment will atttribute back to you, but then the spouse can invest those proceeds and the income earned will be taxed on them. Over time it allows investment earnings to be transferred to a spouse who may not have worked over the years.
2007-03-05 23:21:19 · answer #1 · answered by Anonymous · 0⤊ 0⤋
No, you can't. Loaning money to anyone, spouse or not, or borrowing money, is NOT a tax-related transaction. Loan proceeds are not income to you, and money loaned out isn't deductible.
Craig C above obviously doesn't know much about tax law. Sure, you can gift money to someone, but you can't deduct the gift from your taxes.
2007-03-05 18:10:17 · answer #2 · answered by Judy 7 · 0⤊ 0⤋
Yes,all you have to do is make sure you file your taxes separately and do not loan it to her, "gift "it to her with a letter stating so and your accountant will be able to reduce your gross income.
2007-03-05 16:54:31 · answer #3 · answered by Craig C 3 · 0⤊ 2⤋
NO.
The only thing you can legitimately do, is use the unused portion of the spouses tax credits against your income.
http://pages.infinit.net/jalfs/launche/eng/articlese/tax/tardy.htm
2007-03-05 16:52:46 · answer #4 · answered by Anonymous · 0⤊ 0⤋
You can't move money from one pocket to the other and pretend earning less.
2007-03-05 16:46:49 · answer #5 · answered by WO LEE 4 · 2⤊ 0⤋
No.
2007-03-05 17:41:09 · answer #6 · answered by LaLa 6 · 0⤊ 0⤋