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Question - Allison works for the Bank of Montreal. The bank provides loans to its employees at an annual interest rate of 3?%. On April 1 of the current year, the bank provides Allison with an employee loan in the amount of $24,000 at the annual interest rate of 3?%. The loan requires annual principal repayments of ?$3,000 on April 1 of each year. Allison makes the first annual repayment in the following year. Assume that Canada Revenue? Agency's prescribed interest rates for the current year are as? follows:
Q1? (Jan. 1 to Mar.? 31) = 7?%
Q2? (Apr. 1 to June? 30) = 6?%
Q3? (July 1 to Sept.? 30) = 7?%
Q4? (Oct. 1 to Dec.? 31) = 6?%
Required - Calculate the taxable benefit to be included in employment income for Allison in the current year.
A. ?$1,560
B. ?$603
C. ?$3,360
D. ?$1,145
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