Andrea Pirlo commenced employment at Whitecaps FC Ltd. on November 01, 2019. He had lived in an apartment until December 2019, at which time he purchased a house. Under the terms of his employment, Andrea received a housing loan on January 1, 2020 of $80,000 at a rate of 1 percent. Mr. Pirlo pays the interest on the loan on a monthly basis. Assume the 2020 CRA prescribed interest rates applicable to employee loans are as follows: First quarter 2% Second quarter 3% Third quarter 1% Fourth quarter 1% What is Andrea Pirlo's taxable benefit on the housing loan for 2020?