Question
An employee received the following from their employer during a taxation year: 1) a $55,000 salary, 2) a watch valued at $200 as a birthday
An employee received the following from their employer during a taxation year: 1) a $55,000 salary, 2) a watch valued at $200 as a birthday gift, and 3) a $15,000 low-interest loan with a 1% interest rate when the CRA's prescribed rate during the year was 3%. What is the employee's net income for tax purposes?
Multiple Choice
$55,300
$55,500
$55,750
$55,000
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Income Tax Fundamentals 2013
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
31st Edition
1111972516, 978-1285586618, 1285586611, 978-1285613109, 978-1111972516
