Babylon provided Munir with a loan of

$20,000

at interest rate of

0.5%

. The funds were provided on May 1,2022 . Munir pays interest monthly and paid all of the interest required in 2022 . The prescribed rates set by the CRA for 2022 equaled 2% for Q1&Q2 and 1% for Q3&Q4.\ What is the taxable benefit from this loan that Munir must include in his employment income for the 2022 taxation year?

Babylon provided Munir with a loan of $20,000 at interest rate of 0.5%. The funds were provided on May 1,2022. Munir pays interest monthly and paid all of the interest required in 2022 . The prescribed rates set by the CRA for 2022 equaled 2% for Q1\&Q2 and 1\% for Q3\&Q4. What is the taxable benefit from this loan that Munir must include in his employment income for the 2022 taxation year