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Assume that the prescribed rate for each quarter last year was 4%. Gerry received a loan from his employer of $60,000 at 2%, which he
Assume that the prescribed rate for each quarter last year was 4%. Gerry received a loan from his employer of $60,000 at 2%, which he put towards a rental property he purchased for $120,000. He paid the balance in cash. What was his taxable benefit last year as a result of the loan that he obtained from his employer?
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To calculate Gerrys taxable benefit from the loan obtained from his employer we need to consider the difference between the prescribed rate and the ac...
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Introduction To Federal Income Taxation In Canada
Authors: Robert E. Beam, Stanley N. Laiken, James J. Barnett
33rd Edition
1554965020, 978-1554965021
