Question
need the answer asap subject personal taxation On April 1, 2018, E Ltd. made a loan of $100,000 to Mr. Walker, a new employee of
need the answer asap
subject personal taxation
On April 1, 2018, E Ltd. made a loan of $100,000 to Mr. Walker, a new employee of the corporation, to assist him in purchasing a residence when he moved from Quebec to commence employment in British Columbia. The loan bears interest at 2%, which is to be paid monthly. The principal of the loan is to be repaid in full on April 1, 2027. The prescribed interest rate on April 1, 2018 was 4%. Assuming that the prescribed interest rate throughout 2021 was 3% and only the interest owing on the loan is paid each month, what amount is the increase in Mr. Walkers employment income in 2021 due to the loan?
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Cost Accounting A Managerial Emphasis
Authors: Charles T. Horngren, Srikant M.Dater, George Foster, Madhav
13th Edition
8120335643, 136126634, 978-0136126638
