Fresh off the press…
CRA announced today the 4th quarter interest rates for 2012. Effective October 1 to December 31, 2012, the interest rate used to calculate taxable benefits for employees and shareholders from interest-free and low-interest loans will be 1%.
Please remember that a cash advance given to an employee that is repaid over a period of several pay periods is considered an interest free loan and is subjected to the 1% taxable benefit.
For more information on prescribed rates you can visit the link below:
Helping you to better understand what’s in your pocket.
Until next time…
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