15 Feb GBC co. provided Mr. A with a loan of $140,000 at interest rate of 0.74%. The funds were provided on July 1, 2022. Mr. A paid all of the interest required in 2022 and will begin ma
GBC co. provided Mr. A with a loan of $140,000 at interest rate of 0.74%. The funds were provided on July 1, 2022. Mr. A paid all of the interest required in 2022 and will begin making principal payments in mid-2023. The prescribed rates set by the CRA for 2022 equaled 2% for Q1&Q2 and 1% for Q3&Q4. Calculate the interest benefit based on quarters, do not use the number of days. Round to the nearest dollar amount. Indicate the effect on Mr. A’s net employment income. An inclusion in employment income should be entered in the box as a number (e.g., 100, do not use any other signs). A deduction from employment income should be entered in the box as a negative number (e.g, -100, do not use any other signs/brackets). If the item would have no effect on the calculation of employment income, enter the number 0 in the box (e.g., do not use any other signs/words)
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