AP $7-6($Business and Property Income$)$

Mr$.$ Lautaro anti no is an accountant who has a well$-$established practice it Edmonton, Alberta,

That he carries on as a sole proprietor.

Relevant information on his practice for the $2023$ fiscal period ending December $31$ i$5$ as follows:

December $31,2023.$ Unbilled WIP $35,000$

Billable hours $\{1,900$ hours at $$250$ Per hour$)475,000$

Office supplies and office expenses $56,000$

Travel expenses ether than moo Is and entertainment $8,000$

Business meals and entertainment $12,000$

Mr$.$ Santino purchased the building in which his practice is located in $2005.$ His practice uses $50\%$ of the floor space in the building and, on January $1,2023,$ the class $1$ UCC balance for the building is $$526,000.$ Since the building was purchased, the other half of the building had been rented to a lawyer who was paying Rent of $$4,000$ per month. This lawyer retired on July $1,2023.$ Despite all his efforts,

Santino could not find a new tenant and received rent for only six months of $2023,$

The $2023$ interest, municipal properly tax, and other expenses $($other than CCA$)$ that relate to the part of the building that was reefed total $$14,400.$

Mr$.$ Santino owns the furnishings in his office The cost of these furnishings was $$24,000$ and on

January $1,2023,$ the class $8$ UCC balance for these furnishings was $$11,059.$

Mr$.$ Santino is also an avid investor in the stock market. In $2023,$ he received eligible dividends of

$$18,000.$ He did not dispose of any shares during the year.

Mr$.$ Santino realized that his business income would exceed the CPP thresholds for $2023$ and,

as a result, made the necessary CPP contribution of $$7,508.$ He has not elected to participate in

the Ei program.

Requirement: Determine Mr$.$ Santino's minimum $2023$ net income. Ignore immediate expensing and any GSTMST & PST considerations.