On June 1, 2020 Albert received an interest free loan of $200,000 from his employer X Ltd, a Canadian private corporation owned by his wife. Albert used the loan to purchase a condominium where he lives. The loan agreement requires the loan to be repaid in 2024 Similar loans are not available to other employees. Albert must include $200,000 in income in 2020, deduct $200,000 from income in 2024, and include a taxable benefit based on a prescribed interest rate for years 2020 to 2024. Is this statement true or false? (Click to select)