This course is designed for delegates that need to understand what the tax consequences are of the issue of loan between various taxpayers. There is no longer the safe haven of “just charge interest and you’ll be fine” that was available under STC. Multiple sections have been added to the Income Tax Act that influence how interest, or the lack thereof, must be dealt with.
After attending this course, delegates will have gained an understanding of the competencies mentioned below and must be able to apply the concepts and techniques in most situations and environments:
• Understand the anti avoidance legislation regarding terms and conditions of the loan, as well as the calculation of interest,
• Be able to calculate the limitations on the deductibility of interest,
• Understand the tax consequences of the write off of a loan,
• Understand the tax consequences of interest receipts for trusts.
• An overview of each of the new sections that have been added to the
Income Tax Act
• A refresher on the Interest Withholding Tax
• A reminder of some of the pitfalls for Trusts with regards to interest
This course would be useful for all staff who have a responsibility to advise their clients on the tax consequences of their loans. Any persons that facilitate loans or are responsible for the recording of those loans would also benefit from this course. Any delegate that is looking to get a refresher on the above topics would also be welcome.
