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Vicky is the president of ABC Corporation. At the beginning of the year, ABC Corporation granted an interest-free $50,000 loan to her. Vicky will: cGNemFaZkICa3IEUDVxdEh0bFp4Zz09
Vicky is the president of ABC Corporation. At the beginning of the year, ABC Corporation granted an interest-free $50,000 loan to her. Vicky will: cGNemFaZkICa3IEUDVxdEh0bFp4Zz09 a. Have to make regular capital and interest payments to reimburse the loan. b. Be able to deduct any amount she pays to reimburse the loan. c. Have to pay income tax on the amount of the loan. d. Have to pay income tax on an amount equal to an interest rate prescribed by the Canada Revenue Agency (CRA)
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