Brian is an employee and the sole shareholder of Smart Ltd$.$ On March $1,2020$ Brian entered into a loan agreement with Smart Ltd$.$ wherein Smart Ltd$.$ agreed to loan $$40,000$ at $4\%$ interest to Brian to enable him to purchase a car to be used in carrying out his duties of employment. The loan is to be repaid in full at the end of three years. The interest is to be paid annually. Although Smart Ltd$.$ has sixty$-$five employees, Smart Ltd$.$ has never made a car loan to any other employee. Smart Ltd$.$ has a February $28$th year end.

What are the tax implication for the Brian receiving the loan? Assume the prescribed rates of interest were as follows:

$\backslash$table$[[,2020,2021,\frac{2022}{23}$