Aspen Iclyn owned 1,000 shares of Powder Industries Ltd. Her shares had an adjusted cost base of $105 per share. On December 31, 2018, the shares were trading at $156 per share. On that date, she gifted 400 shares to her 12-year-old son and gifted the remaining 600 shares to her common law partner.

During 2019, the shares paid eligible dividends of $4.50 per share. On December 31, 2019, both her son and common law spouse sold their shares for $142 per share. Assume that Ms. Iclyn did not elect out of ITA 73(1).

REQUIRED: Indicate the tax consequences of these transactions for Aspen, her son, and her common law spouse, in each of 2018 and 2019 (ie. determine the additional taxable income that will result from these transactions). If there are no tax consequences for either individual in a given year, you should clearly state this fact in your answer.