What is the taxable benefits and what is not taxable benefits? how to find the net employment income?

Q) Lauren put her house on the market on January 5, 2020, the listing price was only $350,000.At the urging of the listing agent, she accepted an offer resulting in a $40,000 loss on this property.WEL agreed to compensate her for one-half of any loss on the sale of her home.The payment was made on May 30, 2020.

2 In order to help Lauren with the purchase of her new townhouse, WEL provided her with a $100,000, 0.8% housing loan.The funds are provided to Lauren on February 1, 2020.Assume that the prescribed rate for all of 2020 is 3 percent.

During 2020, Lauren earned a salary of $75,000. The Company withheld the following amounts from her salary:

Income Taxes 26,000

CPP 2,898

EI 856

Disability insurance premiums 310

Registered Pension Plan (RPP) Contributions 4,500

5 WEL contributed $4,500 on Lauren's behalf to the Company's RPP.

6 WEL provides group medical coverage to all of its employees.The private health plan premiums paid by WEL on Lauren's behalf cost $1,020 for the year.

7 During the year, Lauren received two non-cash gifts from WEL, a season ski pass worth $400 and a Christmas gift certificate to a local spa for $300.

8 WEL provides life insurance coverage to all of its employees.The premiums paid by WEL on Lauren's behalf cost $590 for the year.

9 Lauren was granted options to buy 60 of the company's shares at $10 per share when she joined the staff of WEL.At that time, the shares had an assessed fair market value of $12 per share. On May 10, 2020, the shares are trading at $13 per share.She acquires 50 shares on that date and is still holding these shares on December 31.

10 Lauren is a part of the Canadian Mountaineers Association, and paid professional dues of $380 for 2020.

11 Due to a dog sledding accident Lauren breaks her collar bone and was off work for three months during 2020.She received a total of $6,100 in payments from the disability insurance companyduring this period.The $1,000 premiums are paid by both the employee and the employer.Lauren's share was withheld from her pay during the year.

12 WEL provides Lauren with a vehicle that she uses to drive her clients on tours.The vehicle was used by Lauren throughout 2020, aside form the three months she was off work. WEL required her to return the car and keys.WEL pays all operating and maintenance costs, a total of $2,300 during the year. Details of the vehicle and kilometers driven are below.

Total km drive 41,000

Personal km driven 5,600

Cost of car (including GST and PST) 38,000

Standby charge (reduced, if applicable) plus Operating cost benefit, which is the lesser of:

1/2 of reduced standby charge:

Or $0.28/km x personal km