Andy Buckthorn works for Delf Industries (a Public company).  On December 31, 2019, Andy received options to buy 10,000 shares of Delf Industries for $15 per share.  The options had vested and were exercisable immediately upon issue.  At the date of issue, the shares had a FMV of $20 per share.

On August 30, 2020, Andy exercised all of his options and purchased 10,000 shares of Delf Industries.  The FMV of the shares on August 30, 2020 was $25 per share.

On October 31, 2022, Andy needed some extra money to make a down payment on a new house and sold all 10,000 of his shares in Delf Industries for $50 per share.

REQUIRED:

1. Based on above, calculate Andy's taxable income for tax years 2019 to 2022?

1. Explain, how the tax consequences noted in '1' would differ if Delf Industries was a Canadian Controlled Private Corporation instead of a Public company.