Interest-free or low-interest loans provided by the employer to employees does not qualify as a taxable benefit under these conditions:
- The combined amount of all loans received doesn't exceed $10,000 within a calendar year.
- The loan(s) last for 60 days or fewer.
- The loan isn't obtained due to the employee's ownership of shares or associations with specified individuals.
Disclaimer: “Please note that the information provided in this article is of a general nature and may not be accurate for your specific situation. The information is current as of the date of posting and is not intended to provide legal advice. It's always recommended that you consult with a professional accountant and lawyer for personalized guidance and advice."