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In: Accounting
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?
Solutions
ekkarill92 answered 2 years agoRelated Solutions
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