Does anyone have a policy in place for an Employee Loan Program? If so, would you mind sharing? Thank you
Hi - Whistler has an employee loan program for computer purchases, zero % interest, max if $5K (can be a number of machines) and max time frame is 2 years. Payments are deducted from payroll. Let me know if you are looking for more details
Hi Maureen - thank you for your reply. Employee loans for computer purchases seems to be quite popular in the municipal world - all the searching I've done online has mostly given me results related to employee loans specific to computer purchases. I'm looking for something more general, but I appreciate the detail - I think it could definitely be applied to more general purchases.
Kamloops is looking at using Sustainability money to provide a loan for e-bike purchases. Not sure about loan limits, maybe $2k max, and the 2 year payback seems standard across many muni's
I dont have much to add but remember that in the eyes of the CRA a 0% loan from an employer is a taxable benefit. If you would like to know more you can read the following: