CHAPTER 3 Home Relocation Loan -If employee loan is made by employer to assist in a move that is at least 40 km closer to the new work location, there is an exemption on the calculation of the taxable benefit of the employee loan. -The exemption reduces taxable income (not employment income)
This preview has intentionally blurred sections.
Sign up to view the full version.
Home Relocation Loan -The exemption is calculated as $ 25,000 x Prescribed Rate - Exemption is available for 5 years provided the loan to employee is still outstanding -New location must be 40km closer to the new work location