Tax Memo: 1% Taxable Benefit Rate: Action Required Before July 1, 2009

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The federal prescribed interest rate for taxable benefits is 1% from April 1, 2009 to June 30, 2009, the lowest in at least two decades. A low rate can provide tax-saving opportunities for you or your family, if you:

Participate in or refinance a family income-splitting loan arrangement
Obtain or replace an employee home purchase loan

To lock in the 1% rate, you must act before July 1, 2009. The rate may change every quarter, so after June 30, 2009 it could increase, decrease or stay the same. Read this Tax Memo to learn how the loan arrangement can help you.

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