In Canada

T. Adams commenced employment at 4FRNT Sales Ltd. on February 1, 2019. He had lived in an apartment until May 2013, at which time he purchased a new house. Under the terms of his employment, he received a housing loan on May 1, 2019 of $80,000 at a rate of 2%. He pays the interest on the loan on a monthly basis. Assume the 2019 prescribed interest rates applicable to employee loans are as follows:

First quarter 2%

Second quarter 2%

Third quarter 1%

Fourth quarter 1%

What is T. Adams taxable benefit on the above loan for 2019?