Question
Question on interest income
A client sold his property and landed the money to an acquaintance/investor (through a lawyer legally). He earned 75K interest and reporting 50:50 with his wife app 37.5K each. I have three questions. Does he have to fill out a T1206 form? This income is reported on line 12100, correct? Would there be a better strategy to save tax next year, excluding the RRSP purchase as he is 67 and has no room for RRSP. Will really appreciate your response.
