Sentences with phrase «spouse loans monies»
If the one spouse loans monies to the other they must put it in writing and pay the interest amount to the other by year end.
http://www.canadiancapitalist.com/ Not exact matches
The interest must have been paid on a qualified education loan for you, your spouse, or someone who was your dependent when the money was borrowed.
Or, if your spouse misuses household funds, that could leave you with less money or no money to take care of household expenses, or to pay your own credit cards and loans.
If you were married at the time of your death, the lender may attempt to recoup the money from your spouse, even if he or she did not co-sign the student loan.
Loan money to your spouse Yes, it sounds strange.
As long as you charge at least 1 % interest on the loan (the current minimum allowed by the Canada Revenue Agency), the spouse who borrows the money can invest it in his name, and the returns will be taxed at his rate.
This can create a large burden on the couple because payments still must be made on time, which can be difficult for a spouse because it can force them to take other actions to make money that would not be necessary with federal loans and forbearance.
If you take over certain loan payments, make less money than your former spouse or are required to make alimony payments, you will need to re-establish your monthly budget and financials.
if the lower income spouse withdraws the money from the TFSA, pays of a loan that they have and then borrows again to invest then that should be fine in my mind.
Veterans, active military and surviving spouses have access to the VA Loan; a home financing option with unique money - saving benefits not found in the vast majority of other home - financing options.
VA loans are a no money down mortgage program available to eligible active duty servicemen and women, US military veterans, and surviving spouses.
VA Home Loans offer eligible veterans, service members and surviving spouses the ability to purchase or refinance a home with $ 0 money down, competitive rates and no monthly mortgage insurance.
A concern some may have that may seem more significant in this case is whether or not a lender will loan the non-filing spouse the money to buy a house, especially if they get wind of the filing spouse's bankruptcy.
When you apply for a loan to buy a house, during the application process, many lenders include those names that will be on the title, and many lending institutions will run credit checks on both names, even though only one spouse is borrowing the money to buy the house.
There is one way to legally avoid or reduce capital gains taxes if two spouses have a huge difference in income: the high - income earner can loan money to the low - income partner, who can use it to buy investments.
The ability to transfer this home loan benefit to a surviving spouse can help that individual buy and finance a home with no money down and reduced closing costs is yet another reason why the VA home loan program is absolutely the best no / low money down mortgage program in the market today.
Plus, three key regulatory changes have made these loans safer than ever by eliminating lump - sum withdrawals, covering non-borrowing spouses and requiring a financial assessment that ensures the borrower has enough money to pay taxes and insurance.
A VA purchase loan allows veterans, servicemembers and surviving spouses the opportunity to purchase a home at a competitive interest rate, with zero money down.
So if you happen to not be one of those who is able to negotiate a higher salary, or have parents or a spouse who is happy to support you, or have loads of savings or a pile of money that someone has bequeathed to you, and your debts are more than your yearly salary, and you have access to sufficient credit to cover all or a significant chunk of your student loans (and any other consumer debt), then bankruptcy after flipping the debt might be a good option for you.
I was going through your comments and found one suggestion to give «interest free loan» to spouse in place of money as a gift to save on income tax on interest due to clubbing.
While the VA does not lend money for VA loans, it backs loans made by private lenders (banks, savings and loans, or mortgage companies) to veterans, active military personnel, and military spouses who qualify.
If you have ever entered into an agreement with your spouse, be it before you were married or afterwards, be it regarding property or maintenance or be it regarding a loan of money or the repayment of borrowed monies, it is important that you provide a copy of those documents to your divorce lawyer.
The respondent's spouse, who had been borrowing large sums of money from the appellant, signed a promissory note agreeing to register a mortgage against the property in the appellant's favour as security for the loans.
For the most part, if there were zero cosigners attached to a loan, or a widow or widower of a spouse in debt didn't live in a community property state, there's not much creditors can do to reclaim unpaid debt if there's no money left in an estate.
And, you can leave the death benefit to your beneficiary (spouse, children, family members, etc.) to use the money as they see fit — which may include to pay off the outstanding balance owed on your home mortgage loan.
If you are a businessman and if you were to die with unpaid loans and debts, do you know that the creditors can sell off your land, house, shares, mutual funds, bank FD, cars, jewelry, etc. and it is they (and not your spouse or children) who will have the first right on the money received?
If you are a businessman (especially with a proprietorship or unlimited partnership) and if you were to die with unpaid loans and debts, do you know that the creditors (and not your spouse or children) can sell off your land, house, shares, mutual funds, bank FD, cars, jewelry, etc. and will have the first right on the money received?
-- including a lien on the stock of a cooperative housing corporation (a «co-op»)-- no lender can enforce its due - on - sale clause due to any of the following prevalent circumstances: (1) The creation of a lien (or other encumbrance subordinate to the lender's security instrument) that does not relate to a transfer of rights of occupancy in the property; (2) The creation of a purchase money security interest for household appliances; (3) A transfer by devise, descent, or operation of law on the death of a joint tenant or tenant by the entirety; (4) The granting of a leasehold interest of three years or less * not containing an option to purchase (5) A transfer to a relative resulting from the death of a borrower; (6) A transfer where the spouse or children of the borrower would become owners of the property; (7) A transfer resulting from a decree of dissolution of marriage, legal separation agreement, or from an incidental property settlement agreement, by which the spouse of the borrower becomes an owner of the property (8) A transfer of the borrower's property into an inter vivos trust in which the borrower is and remains a beneficiary and which [trust agreement] does not relate to a transfer of rights of occupancy in the property; or (9) Any other transfer or disposition described in regulations prescribed by the Federal Home Loan Bank Board.