CRA provides relief from imputed interest on small short-term loans made to employees

CRA has modified its webpage on Loans and Employee Debt to indicate that employees generally will not be required to recognize a taxable benefit from an interest-free (or low-interest) loan received from their employer where:

• the total amount of all loans received is $10,000 or less per calendar year;
• the term of the loan(s) is 60 days or less; and
• the loan is not received by virtue of shareholdings of the employee or others with a specified connection.

Neal Armstrong. Summary of CRA Webpage, “Loans and Employee Debt” 14 November 2023 under s. 80.4(1).