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.