At the end of last year, Ryan had a balance in his cumulative net investment loss (CNIL) account of $14,500. In the current year, Ryan earned net rental income of $5,000 and received eligible dividends from Canadian corporations of $1,000. He incurred interest expense of $3,000 relating to his stock portfolio.
Determine Ryan’s CNIL balance at the end of the current year. Income tax reference: ITA 110.6(1).