On March 1, 2022, Martin Torres received an interest-free loan from his employer, X Ltd., a private corporation, owned by his spouse. Martin used the loan to purchase the condominium in which he lives. A loan agreement was signed by Martin agreeing to repay the loan in full after three years. Such a loan is not available to other employees. X Ltd. has a June 30 year-end. 

Determine the tax implications of the loan for Martin.