A company loan of $ 2 0 0 , 0 0 0 to help finance the purchase
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Question:
A company loan of $ to help finance the purchase of a new home in Dundas. The loan will bear interest at per year payable monthly and will be made on May the closing date on the purchase of the home. Assume that the prescribed rate of interest for employee loans is in the first quarter of the year, in the second quarter, in the third quarter and in the fourth quarter. Ignore the leapyear effects.
The housing loan benefit included in her employment income will be computed as follows according to the CRAs administrative practice.
of $ x $
of $ x $
of $ x $
Less: interest paid of $ x $
Net employment income inclusion $
The lesser of the prescribed rate for the quarter and the prescribed rate at the time the loan was made.
Where do the numbers and come from if is lower than all of them? Explain clearly and show calculations.
Related Book For
Introduction To Federal Income Taxation In Canada
ISBN: 9781554965021
33rd Edition
Authors: Robert E. Beam, Stanley N. Laiken, James J. Barnett
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