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canadian tax 2019-2020 John commenced employment at ABC Ltd. on February 1, 2019. He had lived...

canadian tax 2019-2020

John commenced employment at ABC Ltd. on February 1, 2019. He had lived in an apartment until May 2019, at which time he purchased a new house. Under the terms of his employment, he received a housing loan on May 1, 2019 of $80,000 at a rate of 2 percent. He pays the interest on the loan on a monthly basis. Assume the 2019 prescribed interest rates applicable to employee loans are as follows:

First quarter                                                                                5%

Second quarter                                                                           4%

Third quarter                                                                              3%

Fourth quarter                                                                            3%

What is John’s taxable benefit on the above loan for 2019?

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ekkarill92 answered 2 years ago
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