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You see, you could save interest costs if the loan is made at a lower interest rate than you d pay to the bank You may have to include a taxable interest bene t in your income, but you re still bound to enjoy savings How much will your taxable bene t be Simple It s calculated as CRA s (or Revenue Quebec s) prescribed interest rate minus the actual rate of interest you pay By the way, if you re paying interest to your employer, you ve got to make those payments during the year or within 30 days following the end of the year (January 30)
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ohn wanted to buy a new car He figured it would help him in his work since he is always driving clients here and there He needed to borrow
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$10,000 to make the purchase John approached his employer, who agreed to lend him the $10,000 at an interest rate of 3 percent, although CRA s prescribed rate throughout the year was 8 percent What is John s taxable benefit It amounts to $500, which is simply 5 percent (8 percent minus 3 percent) of $10,000 This taxable interest benefit will appear on John s T4 slip John s true cost of borrowing is just $550 ($250 in tax on the benefit plus $300 in interest paid to his employer) If John had borrowed from the bank at, say, 8 percent, he would have paid $800 in interest John saved $250 ($800 minus $550), or 25 percent, just by borrowing from his employer
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It s worth mentioning that you won t face any taxable bene t at all if the rate of interest charged by your employer is equal to or greater than commercial rates available from your local bank or other nancial institution This is true even if these commercial rates are lower than CRA s prescribed rate
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If your employer lends you money to buy or re nance a home, some special rules apply And these rules will work to your advantage In this case, the prescribed rate used to calculate your taxable interest bene t will be either the rate in effect at the start of the loan or the current prescribed rate, whichever is less The loan is deemed to be a new loan every ve years As a result, the prescribed rate in effect at that time will be the maximum rate for the next ve years There s more good news if the purpose of your loan was to buy a home because of a job relocation (rather than to re nance your existing home) In this case, the tax collector will allow you to claim a deduction for the taxable interest bene t on the rst $25,000 of the loan This interest deduction is available only for the rst ve years of the loan and, to qualify, your relocation must have moved you at least 40 kilometres closer to your new workplace
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There may be other situations where you ll be entitled to claim a deduction for all or part of the taxable interest bene t In a nutshell, if you d be entitled to an interest deduction had you borrowed from the bank instead, you ll also be entitled to a deduction for the interest paid to your employer And by the way, even where you haven t paid your employer any interest, the amount of the resulting taxable interest bene t is considered by the tax collector to be interest paid by you, and may entitle you to a deduction So if you borrow from your employer to invest, to buy a car for use in your work, or for some other purpose that normally provides you with the ability to deduct interest, you ll reduce your taxable interest bene t
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Borrowing from your employer rather than from a nancial institution will normally save you interest costs
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