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Calculate taxable benefit to included in employment income

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Question - Juan Jones works for the Bank of Montreal. The bank provides loans to its employees at an annual interest rate of 2?%. On April 1 of the current year the bank provides Juan with an employee loan in the amount of ?$27,000 at the annual interest rate of 2?%. The loan requires annual principal repayments of ?$3,000 on April 1 of each year. Juan 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) = 5?%

Q2? (Apr. 1 to June? 30) = 6?%

Q3? (July 1 to Sept.? 30) = 5?%

Q4? (Oct. 1 to Dec.? 31) = 6?%

Required - Calculate the taxable benefit to be included in employment income for Juan Jones in the current year.

Reference no: EM132823076

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